First Time Homebuyers Tax Credit
As we all start to file our 2022 taxes, make sure that you or your friends and family take advantage of this tax credit available for qualified 'first' home purchases in 2022. Even if you've owned a home before, you may be able to claim up to $10,000 for the purchase of a qualifying home if both of the following apply:
• you (or your spouse or common-law partner) acquired a qualifying home in 2022
• you did not live in another home owned by you (or your spouse or common-law partner) in 2022 or in any of the four prior years.
The home must be registered in your and/or your spouse's or common-law partner's name. The program is a non-refundable tax credit, so the rebate is equal to the base federal rate of 15% of the $10,000 claim = $1500 tax savings. Enter $10,000 on line 31270 of your return if you are not splitting the amount with your spouse or common-law partner. You and your spouse or common-law partner can split the claim but the combined total cannot be more than $10,000 and should generally be claimed by the higher income earner.