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What tax credits or benefits are available to first-time home buyers?

As a first-time home buyer or builder, you may be eligible to claim certain tax credits or apply for benefits to help ease the financial burden. Watch the above video or explore the links below to learn more about your options.

The home buyers’ amount reduces your income taxes through a $5,000 non-refundable tax credit (the actual reduction on your taxes will be $750). You can claim the credit if: 

  • You or your spouse/common-law partner bought a house, condo, townhouse, mobile home, or apartment that you (or a relative with a disability) will live in within a year, and
  • You haven’t lived in another home owned by you or your spouse/common-law partner in the year of acquisition or the 4 years prior, unless you (or the relative you bought the home for) have a disability.

To claim the home buyers’ amount, enter $5,000 on line 31270 of your tax return. Spouses/common-law partners can divide the credit between their returns. Learn how to claim the amount in TurboTax.

The Home Buyers’ Plan (HBP) lets you withdraw up to $35,000 in a calendar year from your Registered Retirement Savings Plan (RRSP) to buy or build a home. You can pay back the program within 15 years but must start repaying in the second year after your initial withdrawal. You can withdraw funds if:

  • You or your spouse/common-law partner are buying or building a house, condo, townhouse, mobile home, or apartment that you’ll live in within a year, and
  • You haven’t lived in another home owned by you or your spouse/common-law partner in the year of acquisition or the 4 years prior, unless you (or the relative you bought the home for) have a disability.

To withdraw funds under the HBP, fill out Form T1036. After filling out Area 1 of the form, give it to your RRSP issuer. The issuer must fill out Area 2.

The GST/HST new housing rebate gives you back some of the tax paid on a home. This rebate isn’t claimed by entering information on your income tax return. You can claim the rebate if: 

  • You bought a new or majorly renovated home from a builder and you (or your relative) will live in the home, or
  • You bought shares in a co-op for you (or your relative) to live in a new or majorly renovated unit, or
  • You built or majorly renovated your (or your relative’s) main home and the fair market value after construction is less than $450,000.

To claim the GST/HST rebate for homes bought from a builder:

  • Fill out Form GST190 to recover the GST or federal part of the HST.
  • Fill out Form RC7190 ON to recover the provincial part of the HST (if your home is in Ontario). 

To claim the GST/HST rebate for owner-built homes:

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