If you own your own home, you may qualify for certain tax credits and exemptions.
First-Time Home Buyers' Tax Credit (HBTC)
You or your spouse can claim the $5,000 HBTC. The maximum credit is $750 ($5,000 x 15%, the lowest personal tax rate).
You or your spouse must have acquired a qualifying home after January 27, 2009.
You can't have lived in another home owned by you or your spouse in the year you buy your first home – or in any of the 4 previous years.
Principal Residence Exemption