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