First time home buyers can claim a $5,000 tax credit, but what if this is not your first home?
- Do you have a family member who qualifies for the Disability Tax Credit?
- Is the new home more accessible to the individual or
- Is it better suited to their needs?
If so, you qualify for the Home Buyers Amount even if this is not your first home. The $5,000 tax credit translates into $750 in your pocket. Not bad eh?
For more information consult CRA – Home Buyers’ Amount
What if I purchased a home previously and forgot to claim it?
No problem! That’s what the form T1-ADJ form is for. It’s a simple one page form that my 8 year old could fill out.