The CRA has expanded the Home Buyer Amount tax credit from $5,000 to $10,000. What does this mean in real dollars? The result of a $10,000 credit is a tax refund or tax savings of $1,500. I have heard many people refer to this as the first time home buyer amount. This is simply not true. You qualify for this tax credit as long as you have not owned a home in the year of purchase and the four previous years. There are some additional considerations and conditions.
The details of this Line 31270 tax credit claim can be found here
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