My wife and I (first time home buyers) and my parents(home owners) bought a house together. Are my wife and I able to claim the First-Time Home buyers Tax Credit?

[gritterj]

All four of us are on the title.

[TurboTaxKim · Accepted solution]

Yes, from the CRA information available, it appears that you would both be eligible to claim the First-Time Homebuyers Tax Credit.

Some reasons to support this:

•  A qualifying home must be registered in your or your spouse's or common-law partner's name

• You did not live 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.

• The other owners are not eligible to make the claim but are not residing in that home.

• When more than one person is entitled to the amount (for example when two people jointly buy a home), the total of all amounts claimed cannot be more than $5,000.

Here's the link to the CRA information: https://bit.ly/2upDGZj You could also contact CRA and confirm this with them. As it's getting increasingly tougher for young couples to become homeowners, it's becoming quite common to have more than just the couple on the title. Congratulations on becoming homeowners!!