First Time Home Buyers Credit
This tax credit applies when filing taxes if you and your spouse/common law partner did not own and live in home in the calendar year or in the previous four (4) years from the year of purchase.
For example, if you did not own and live in a home in 2017 and purchased a home in 2022, then you could claim the federal non-refundable first-time home buyers’ tax credit (HBTC) on the home purchased in Canada.
For 2022 onwards, the eligible credit is for up to 15% on $10,000 ($5,000 prior to 2022) of the qualifying home or $1,500 ($750 prior to 2022) as a maximum tax credit.
Any unused portion of an individual’s first-time HBTC may be claimed by the spouse or common-law partner, so long as the total of all claims do not exceed the $1,500 maximum credit.
The above information is of a general nature only and should not be relied upon for specific situations. Call Marlies Y Hendricks, CPA at 416-766-3941 to discuss your best options and set up an appointment.