Blog
Thursday
2
FEBRUARY
2023
Have you heard of the First Time Home Buyers’ Tax Credit?
Purchasing a home is a big decision and a
major financial commitment. Did you know
that there is a Tax Credit available for First Time Homebuyers? An amount of $10,000 can be claimed
for the purchase of a qualifying home in 2022.
You can claim up to $10,000 for the purchase
of a qualifying home in 2022 if both 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)
NOTE: you
can claim up to $5,000 for the purchase of a qualifying home in 2021 or earlier
if you met the conditions above.
To learn more, visit the Government of
Canada’s website: First-time homebuyer’s tax credit