If you’ve taken a leap into the real estate market, you may be able to claim up to $5,000 on your taxes.
The First-Time Homebuyer Credit is a non-refundable tax credit that reduces the amount of taxes you owe.
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.
References & Resources
- 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