Claim $5,000 on your tax return for your first home purchase and receive up to $750 in tax relief
The Home Buyers' Tax Credit (HBTC) is a non-refundable tax credit that provides up to $750 in tax relief to eligible first-time home buyers. This credit helps offset various costs associated with purchasing a home, such as legal fees, land transfer taxes, and title insurance.
When you buy your first home, you can claim $5,000 on your tax return for the year of purchase. The credit is calculated by multiplying the $5,000 amount by the lowest personal income tax rate for the year (15% in 2023), resulting in a maximum tax reduction of $750.
To be eligible, you must be a first-time home buyer, meaning you or your spouse/common-law partner did not live in another home owned by either of you in the year of purchase or in any of the four preceding years. The home must be registered in your name and/or your spouse's name and be located in Canada.
You can claim the HBTC on your personal income tax return for the year you purchased the home. If you're buying with someone else who is also eligible for the credit, you can split the claim, but the total combined claim cannot exceed $5,000. Our tax experts can help ensure you claim this credit correctly.
Receive up to $750 in tax relief on your return
Simple process to claim on your tax return
No pre-approval or application required
Can be split between qualifying buyers
Receive benefit when filing your taxes
Guidance on claiming and maximizing your credit