(1) You buy a qualifying home
(2) Neither you or your spouse live in another home, either in the year of purchase or the last 4 years (for 1st-time buyer), with the exception for buyer who is eligible for disability amount or you are buying it for a related person who is eligible for disability amount. Also, for the purpose that buying this home is suited for that person who has a disability.
A qualifying home includes: single-family houses, semi-detached houses, townhouses, mobile homes, condominiums units, and apartments in duplexes, triplexes, fourplexes, or apartment buildings. It also include share in co-operative housing corporation that you have equity interest and located in Canada. It doesn’t include rented housing units.
You and your spouse should live in this home no later than 1 year of purchased. The claimable amount of $5,000 can be claimed by both spouses. The total amount can be split as long as the total claimed won’t exceed the $5,000 claimable amount. The same way, if purchased home is a joint ownership.
Either you are filing in paper form or electronically, supporting documentation (e.g. Purchase documents) are not being required to be attached in your tax return, but keep all your documents should CRA requested them. For more information on this topic, please see:
Home Buyers' Amount
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