The ITA 118.05 First Time Home Buyer's Tax Credit OA. applies to an individual who will be considered a first-time home buyer if neither the individual or their spouse or common-law partner owned and lived in another property in the current year or any preceding taxation year OB. is available for all taxpayers who acquire a qualifying home in Canada during the current tax year OC. is available for first-time home buyers who acquire a qualifying home in Canada during the current tax year OD. is equal to 15% of the first $30,000 of the cost of the qualifying home