First Time Homebuyers Incentive $5000 - new comer / new residents of Canada

[harrypranjivan]

H & W (married)  became residents of Canada in June 2020 and purchased their first home in Canada August 2020.  They immigrated to Canada and moved from USA  (where they lived for 10 years in their own home).   There is a 4 year rule - ie you cannot own a home in which you lived in for 4 years - ie from 2016 to 2019).  They did own a home in USA in those 4 years.   Do they qualify for the $5000 First Time Homebuyers Incentive?  It appears that they do not.

[zo mohammady · Accepted solution]

"No, They do not qualify for this credit .To be eligible for the Home Buyers’ Tax Credit, you must meet both of these criteria:

1. You or your spouse or common-law partner purchased a qualifying home.
2. You are a first-time home buyer, which means that 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.

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.

Who Can Benefit From the Home Buyers’ Amount?

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