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New Member
posted Mar 21, 2023 10:54:26 AM

I assumed a mortgage in 2022, does this make me eligible for the first time home buyer tax credit?

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2 Replies
Level 3
Mar 22, 2023 10:14:10 AM

As per the Canada Revenue Agency "

You can claim up to $10,000 for the purchase of a qualifying home in 2022 if both of the following apply:

  • You (or your spouse or common-law partner) acquired a qualifying home
  • You did not live in another home that you (or your spouse or common-law partner) owned in the year of acquisition or in any of the four preceding years (first-time home buyer)

 

For more information regarding the home buyers tax credit please visit Canada Revenue Agency

 

Thank you for choosing Turbo Tax

Level 4
Mar 22, 2023 1:34:30 PM

Only assuming a mortgage would not make you eligible for the Home Buyers' Tax Credit (HBTC), but if you mean you are a first-time homebuyer who purchased a qualifying home, you may be eligible as seen in our TurboTax FAQ: Who Can Benefit From the Home Buyers’ Amount?  There may also be other tax benefits available to you as a homeowner, such as deductions for mortgage interest and property taxes. 

 

For more information please visit the Canada Revenue Agency (CRA) webpages below:

How to participate in the Home Buyers' Plan (HBP)

Home buyers' amount: Qualifying home

 

Thank  you for choosing TurboTax.