3. First Time Home Buyers Credit ($750 Tax Relief)

First-time home buyers’ credit (Jan 27th 2009 new rule in effect)

First-time home buyers who acquire a qualifying home after January 27, 2009 may be entitled to claim a new non-refundable tax credit of $5,000 and worth up to $750 ($5,000 × 15%).

To qualify, neither the individual nor his or her spouse or common-law partner can have owned and lived in another home in the calendar year of the ne w home purchase or in any of the four preceding calendar years.

The credit can be claimed by either the purchaser or by his or her spouse or common-law partner

Here is more information:

http://www.budget.gc.ca/2009/plan/bpc3c-eng.asp