Filing Your Return -> Disabilities -> First-Time Home Buyers' Tax Credit / Disability Home Purchase Tax Credit
Line 369 First-Time Home
Buyers' Tax Credit
and
Disability Home Purchase Tax Credit
Income Tax Act s. 118.05
A non-refundable tax credit was enacted as part of the 2009 Federal Budget, based on an amount of $5,000 for first-time home buyers who acquire a qualifying home after January 27, 2009. The home is considered to be acquired once it is registered in your name in accordance with the land registration system or other similar system applicable where it is located (in Canada). The year of acquisition is the year in which the tax credit can be claimed. If you missed claiming this credit in the year of purchase, you can file an adjustment to your tax return. See our article on Changing Your Tax Return.
Note that if a home is gifted to a person, as long as all other requirements are met, the person can still qualify for the home buyers' tax credit. The person who gifted the home is deemed to have disposed of it, and may have to report a capital gain.
The credit is also be available in respect of a home acquired by an individual who is eligible for the disability tax credit (DTC), or by an individual for the benefit of a DTC-eligible relative, if the home is acquired to enable the DTC-eligible person to live in a more accessible dwelling.
The credit can be claimed by the individual who acquires the home, or by the spouse or common-law partner of that individual, or can be split between spouses.
To be eligible for this credit, you must not have lived in another home owned by you or your spouse or common-law partner in the calendar year of the home purchase or in any of the four preceding calendar years.
The Canadian Tax Calculator includes the first-time home buyers' tax credit.
Provincial First-Time Homebuyers' Credits
- BC First-Time New Home Buyers' Bonus - Refundable- Nova Scotia First-Time New Home Buyers' HST Rebate
- Saskatchewan First-Time Homebuyers' Tax Credit
- Quebec First-Time Homebuyers' Tax Credit beginning in 2018
See also:
- GST/HST Rebate for New Housing and Substantial Renovations- First-Time Home Buyer Incentive (Federal 2019 Budget)
Resources
- Line 369 Home Buyers' Amount in the Canada Revenue Agency (CRA) General Income Tax and Benefit Guide- First-Time Home Buyers' Tax Credit on the Federal Budget website
Revised: March 19, 2019