You can receive up to $750 back from the federal government by applying for the home buyer tax credit in the year the home was purchased.
You will qualify for the HBTC if:
- you, 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.
To obtain the tax credit, complete line 369 on your personal income tax return. If you buy a house, with a spouse or common-law partner, either one of you can claim the credit or you can share the credit. However, the total of your combined claims cannot exceed $750. You must occupy the home as your principle residence no later than one year after the home was purchased. For more information see home buyer tax credit or HBTC.