05/29/2025
Thinking of buying your first home? You could get a $10,000 tax credit!
The Home Buyers' Amount lets eligible Canadians claim up to $10,000 for the purchase of a qualifying home — that’s a potential $1,500 in tax savings!
To qualify:
You (or your spouse/common-law partner) bought a home in 2024
You didn’t own and live in another home in the past 4 years (unless you're eligible for the disability tax credit)
What counts as a qualifying home?
• Single-family houses
• Townhouses
• Condos
• Mobile homes
• Certain co-op housing shares
• Homes under construction
Not a first-time buyer? You may still qualify if you (or a related person) have a disability and the home is better suited to your needs.
Claim it on Line 31270 of your tax return. You can also split the credit with your co-buyer (but the total claimed can’t exceed $10,000).
Keep your documents — CRA may ask for them later!
Contact us if you need any further information, we are here to help!
