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posted Mar 14, 2023 2:06:17 PM

First-time homebuyer tax credit


Do I qualify for the first-time homebuyer tax credit? I'm separated since September 2018 and sold our property (my ex wife and I) in May 2019, I bought a condo in 2022 (closing March 31, 2022), but not sure if I qualify and what year to claim it ?. I gave my down payment In May 2021! Thanks

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Level 4
Mar 15, 2023 12:05:18 PM

No, you are not qualified for the first-time home buyer tax credit. The catch is that you have to be a first-time home buyer, which the Canada Revenue Agency (CRA) defines as a person who has not lived in another home owned by you or your partner in the year of acquisition or in any of the four preceding years. As an example of the latter, if you acquired a home this year, you must not have owned a home in the previous 4 years.

 

For more information, visit Turbotax webpage: Who Can Benefit From the Home Buyers’ Amount?

 

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