First Homebuyer's Tax Credit

[nicholed01]

Hi, Just wondering if I qualify for the first home buyer's credit. I bought my first home ever here in Canada, and am living in it (ie it's my principal residence), however have owned a home overseas when I lived in Australia.

[TurboTaxMary-Ann · Accepted solution]

You can claim $5,000 for the purchase of a qualifying home in 2016.

In order to claim the Homebuyers Credit you have to meet the following two conditions:

• you or your spouse or common-law partner acquired a qualifying home; and
• 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 (first-time home buyer).