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posted Apr 17, 2024 9:32:18 AM

Can two people on title split the first time homebuyers credit unequally?

They are not considered common law unil July (12 months).

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1 Replies
Intuit Alumni
Apr 17, 2024 10:46:18 AM

Yes, as per our TurboTax article: Canada’s First-Time Home Buyers’ Tax Credit and Line 31270 on Your Tax Return, you may be able to claim the HBTC if you were eligible.

Can two people claim the HBTC?

The HBTC can be split between spouses or common-law partners or claimed by just one member of the couple. However, the combined total claimed cannot exceed $10,000. Are you wondering how a couple should claim the home buyers’ amount? Here’s some guidance: Given that it’s a non-refundable credit, make sure the spouse claiming it pays at least $1,500 in federal income tax. If they don’t, the credit won’t fully be paid out. If neither spouse pays $1,500 in federal income taxes, then they should split the credit in a way that maximizes how much they’ll get back.

You may wish to contact the Canada Revenue Agency (CRA) to discuss the eligibility to claim regarding the date you bought the house and when you became common-law. It should be ok if you were both registered buyers. Please contact the CRA to verify by calling 1-800-959-8281.

 

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