The Home Buyers' Tax Credit (HBTC) is a federal government program that is designed to make home ownership more affordable for eligible Canadians. Eligible first time home buyers can claim a $10,000 non-refundable income tax credit, which could result in up to $1,500 in tax savings.
ELIGIBILITY REQUIREMENTS
- Buy a qualified home (single family, townhouse, semi-detached, apartment, condo, or mobile home)
- Be a first time home buyer
- Home must be your principal residence
HOW TO GET THE TAX CREDIT
The Home Buyers' Tax Credit is extremely simple. You do not have to apply for the program or be approved. When you file your taxes for the year in which you purchased your new home, all you need to do is put in the amount of $10,000 on Line 31270 of your return. The $10,000 can be split between you and your spouse/common-law partner, but the claims cannot be for more than $10,000 between you.
For more information on this program, please visit the Government of Canada website here.