How Much is the Credit?
The HBA allows you to claim a $10,000 amount on your tax return. This translates into a maximum tax credit of $1,500 (calculated at the federal tax rate of 15%).
Who is Eligible?
You may qualify for the Home Buyers’ Amount if:
First-Time Homebuyer:
You or your spouse/common-law partner did not own and live in another home in the year of purchase or any of the four preceding years.
Individuals with Disabilities:
You qualify for the Disability Tax Credit (DTC) and the home is more accessible or better suited to your needs.
What Homes Qualify?
Eligible properties include:
Single-family homes
Semi-detached homes
Townhouses
Mobile homes
Condo units
Apartments
The home must be located in Canada and intended to be your principal residence within one year of purchase.
How to Claim the Home Buyers’ Amount
Enter the $10,000 amount on Line 31270 of your tax return.
If you’re sharing the credit with a spouse/common-law partner, ensure the combined claim does not exceed $10,000.
Why This Matters
The Home Buyers’ Amount provides financial relief for first-time homebuyers or individuals with disabilities, making the transition to homeownership more affordable.