Canada Revenue Agency



Canada Revenue Agency

April 02, 2013 12:34 ET

Tax Tip: Did You Buy a Home in 2012? Check Out This Tax Information

Did you know?

OTTAWA, ONTARIO--(Marketwired - April 2, 2013) - If you bought a home in 2012, you may be able to save on your taxes through the first-time homebuyers' tax credit.

Important facts

- If you are a first-time home buyer, a person with a disability buying a home, or an individual buying a home on behalf of a related person with a disability, you may be able to claim a non-refundable tax credit of up to $750 when you buy a qualifying home.

- To qualify for the home buyer's tax amount:

  • You or your spouse or common-law partner must have purchased a qualifying home; and
  • You did not live in another home owned by you or your spouse or common-law partner that year or in any of the four preceding years.

- Persons with disabilities may also qualify for this credit even if they have already owned a home. If you are eligible for the disability amount or you purchased a home for the benefit of a related person who is eligible for the disability amount, you may be able to claim the credit.

- You may also be eligible for the home buyer's plan, which allows you to withdraw funds from your registered retirement savings plan to buy or build a qualifying home. You may withdraw up to $25,000 in a calendar year, and have up to 15 years to repay your withdrawals.

For more tax information for homeowners, go to www.cra.gc.ca/myhome.

The Canada Revenue Agency's (CRA) online services make filing even easier

The CRA's online services are fast, easy, and secure. You can use them to file your income tax and benefit return, make a payment, track your refund and more. Sign up for direct deposit too! Your refund and any benefit or credit payments owed to you will be deposited directly into your account, putting your money into your pocket faster. For more information, go to www.cra.gc.ca/getready.

Stay connected (www.cra.gc.ca/socialmedia)

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You can also watch our tax-related videos on YouTube.

Contact Information

  • Noel Carisse
    Media Relations
    Canada Revenue Agency
    613-952-9184