If you purchased a home in 2013 you may qualify for a $5,000 income tax credit

By Norm Fisher, February 11, 2014 - If you purchased a home in 2013 you may qualify to claim a $5,000 tax credit if you and the home you bought “qualify.” Check this short video or read on below it to find out if you and the home qualify. DO YOU QUALIFY?

You or your spouse or your common-law partner must have purchased a qualifying home in 2013.

You must not have lived in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years.

DOES THE HOME QUALIFY?

The home must be located in Canada and it must be registered to you, your spouse or your common-law partner. You or a disabled relative must move into the home within one year of purchase. The home can be new or used. Types of homes that qualify include:

  • Single-family houses
  • Semi-detached houses
  • Townhouses
  • Mobile homes
  • Condominium units
  • Apartments in duplexes, triplexes, fourplexes, or apartment buildings

I QUALIFY ! HOW DO I MAKE THE CLAIM?

Enter $5,000 on line 369 of Schedule 1 of your federal income tax return.

More on the tax credit from the Government of Canada.

Copyright Norm Fisher Royal LePage Saskatoon Real Estate