Mortgage Blog

Federal Government offers Several benefits like FHSA, HBP plan and First-time home Buyer's tax credit for first-time home buyers. You can claim first-time Home buyers tax credit after you purchase home.

Federal Government announced this program in 2009 and you can claim up to $5000. That amount increased in 2023 and now you can claim up to $10,000. This Program is only for first time home buyers.  

What is Home Buyers Tax Credit? 

This Federal program can allow you to claim up to $10,000 amounts on qualifying homes 

Qualifying homes are as follows: 

Single Family Home 

Semi detached  

Townhouses 

Mobile homes 

Condominium Unit 

Apartment  

Eligibility of Home buyers tax credit 

You or Spouse or common-law partner have to buy qualifying homes as mentioned above 

You or Spouse or common-law partner did not own other home of the year of purchase or past 4 years.  

You don't have to be first time buyer to claim this tax credit if you meet requirements below 

You are eligible for disability tax credit  

You bought a home for person with disabilities who is eligible for disability tax credit.  

You made home accessible or better suited for person with disabilities.  

How To Apply 

As per HBTC website, 

You need to enter $10,000 on line 31270 if you are splitting the amount with your spouse or common law partner 

You and your spouse or common law partner can split the amount, but it should not be more than $10,000 

If you have any queries related to Mortgage, then you can contact Sarabjit or visit our website Centum United Mortgage 

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