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Enter $10,000 on line 31270 of your return if you are not splitting the amount with your spouse or common-law partner. You and your spouse or common-law partner can split the claim but the combined total cannot be more than $10,000. When more than one person is entitled to the amount (for example when two people jointly buy a home), the total ...
Up until 2021, the tax credit amount was $5,000, but in 2022 legislation was passed to increase this to $10,000 for that year and all subsequent tax years. If you’re buying a home for the first time, claiming the First-Time Home Buyers’ Tax Credit can land you a total tax rebate of $1,500 (it was $750 prior to the 2022 Federal Budget being ...
- Jordann Brown
Nov 2, 2023 · The goal of the First-Time Home Buyers’ Tax Credit (HBTC) is to make it a little easier for taxpayers to make their home ownership dreams come true by allowing eligible first-time home purchasers to claim a $10,000 non-refundable income tax credit. First introduced in 2009, the HBTC initially allowed first-time or disabled home buyers to claim an amount up to $5,000 on their returns.
Income Tax Act s. 118.05. A non-refundable tax credit was enacted as part of the 2009 Federal Budget, based on an amount of $10,000 ($5,000 for taxation years prior to 2022, increased by federal 2022 Budget) for first-time home buyers who acquire a qualifying home after January 27, 2009. The home is considered to be acquired once it is ...
Nov 8, 2024 · The First-Time Home Buyers’ Tax Credit, worth up to $1,500, can help offset a portion of your home ownership costs. The First-Time Home Buyers’ Tax Credit, or HBTC, is meant to make home ...
- CAN-legal@nerdwallet.com
Jun 11, 2024 · Canadians with disabilities who claim Disability Tax Credit may be able to claim the HBTC even if they are not purchasing their first home. First-time home buyers will receive a $1,500 tax credit. As of 2022, the First-Time Home Buyers’ Tax Credit increased from $750 to $1,500.
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Line 31270 – Home buyers' amount: Qualifying home. A qualifying home must be registered in your or your spouse's or common-law partner's name in accordance with the applicable land registration system and it must be located in Canada. It includes existing homes and homes under construction.
