The First-Time Home Buyers Tax Credit (HBTC) is a non-refundable tax credit that reduces the amount of taxes you owe. If you’ve taken a leap into the real estate market, you may be able to claim up to $5,000 on your taxes.
If you buy a property with friends, your spouse or anyone else, you can all potentially claim the credit as long as everyone qualifies — but the total claim amount can’t exceed $5,000 for one property.
To be eligible for the HBTC:
- You must have purchased a qualifying home for the first time.
- You did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years.
Persons with disabilities are also eligible for the HBTC, even if they are not first-time home buyers.
References & Resources
- Who Can Benefit From the Home Buyers’ Tax Credit?
- Canada Revenue Agency: Line 369 – Home Buyers’ Amount
- Canada Revenue Agency: First-Time Home Buyers’ Tax Credit
- Government of Canada: First-Time Home Buyers’ Tax Credit Explained
- Homebuyer tax credit
- Tax saving homebuyer
- Home purchaser taxes