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I bought or renovated a home this year. What tax benefits are available to me?

by TurboTax Updated 6 months ago

Congrats on your new home! Here are some tax benefits you might want to take advantage of.

Qualifying home buyers can claim a non-refundable tax credit of up to $1,500  ($10,000 credit at 15%).

You can claim the credit if: 

  • You or your spouse/common-law partner bought a qualifying home that you (or a relative with a disability) will live in within a year
  • 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 HBT, follow the steps here.

The GST/HST new housing rebate gives you back some of the tax paid on your home. You don’t have to be a first-time home buyer to qualify. You can claim the rebate if you meet one of the following requirements: 

  • You bought a new or majorly renovated home from a builder and you (or your relative) will live in the home.
  • You bought shares in a co-op for you (or your relative) to live in a new or majorly renovated unit.
  • You built or substantially 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 purchased from a builder, visit the CRA.

To claim the GST/HST rebate for owner-built homes, visit the CRA.

The Multigenerational home renovation tax credit helps homeowners with renovation costs to house a senior or disabled family member. Find out if you qualify at the CRA site.

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