First Time Home Buyers

Home buyers’ amount

The Home Buyers’ Amount offers a $5,000 non-refundable income tax credit amount on a qualifying home acquired during the year. For an eligible individual, the credit will provide up to $750 in federal tax relief. Go to the Home Buyers’ Amount CMHC webpage to see if you are eligible.
Note: Line 31270 was line 369 before tax year 2019.

You can claim $5,000 for the purchase of a qualifying home in the year if both of the following apply:

you or your spouse or common-law partner acquired a qualifying home
you did not live in another home owned by you or your spouse or common-law partner in the year of the acquisition or in any of the four preceding years (first-time home buyer)

You may also consult your tax accountant for more information on your eligibility so you can take advantage of this benefit.

Here for you – Call or text Maxium today at 437-353-9977 or email at to speak about your situation.

Source: CMHC

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