Did you buy a home in 2012? Check out this tax information

Did you know?
If you bought a home in 2012, you may be able to save on your taxes through the first-time homebuyers’ tax credit.

Important facts

• If you are a first-time home buyer, a person with a disability buying a home, or an individual buying a home on behalf of a related person with a disability, you may be able to claim a non-refundable tax credit of up to $750 when you buy a qualifying home.
• To qualify for the home buyer’s tax amount:
  • You or your spouse or common-law partner must have purchased a qualifying home; and
  • You did not live in another home owned by you or your spouse or common-law partner that year or in any of the four preceding years.
• Persons with disabilities may also qualify for this credit even if they have already owned a home. If you are eligible for the disability amount or you purchased a home for the benefit of a related person who is eligible for the disability amount, you may be able to claim the credit.
• You may also be eligible for the home buyer’s plan, which allows you to withdraw funds from your registered retirement savings plan to buy or build a qualifying home. You may withdraw up to $25,000 in a calendar year, and have up to 15 years to repay your withdrawals.

For more tax information for homeowners, go to www.cra.gc.ca/myhome.

Canada Revenue Agency

This a a reproduction copy of an official work that is published by the Government of Canada and that the reproduction has not been produced in affiliation with, or with the endorsement of the Government of Canada.