TAX CREDIT For First-Time Homebuyers

For 2022 and subsequent years, the Government of Canada proposes to increase the amount used to calculate the HBTC to $10,000, which would provide a tax credit of up to $1,500 to eligible home buyers.

You can claim up to $10,000 ($5,000 for 2021 and prior years) for the purchase of a qualifying home if you meet the following conditions.

You (or your spouse or common-law partner) acquired a qualifying home.

You did not live in another home inside or outside Canada that you (or your spouse or common-law partner) owned in the year of acquisition or in any of the four preceding years.

A qualifying home must be your primary residence (within 1 year of acquisition) and include the following types.

Single-family houses

Semi-detached houses

Townhouses

Mobile Homes

Condos

Duplexes, triplexes, and fourplexes

When completing your tax return, enter $10,000 on line 31270 of the T1 General Tax Return if you aren’t splitting the amount with your spouse or common-law partner. You and your partner/spouse can split the claimed amount as long as the combined total of both returns does not exceed $10,000.

Disclaimer: This information is provided as a service only and is not to be considered or relied upon for tax or financial planning advice. For specific questions regarding your tax returns, tax planning, or financial planning, please refer to your accountant or financial planner.

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