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As per CRA, to be eligible for the Home Buyers’ Tax Credit, you must meet both of these criteria:
- You or your spouse or common-law partner purchased a qualifying home.
- You are a first-time homebuyer, which means that you did not live in another home owned by you or your spouse or common-law partner in the year of the 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.
If you have both criteria together, you can claim home buyers' amount.
Please visit our article on Who Can Benefit From the Home Buyers’ Amount? to learn more about home buyers' amount.
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