First time home buyers of 2018 take note: you are probably eligible for a $750 rebate on your 2018 income taxes!
The First-Time Home Buyers’ Tax Credit (HBTC) allows eligible first-time home buyers who purchased a home in 2018 to claim $5,000 on their federal income taxes for the purchase of the home. This works out to be a rebate of $750.
Claiming the HBTC is Easy.
Enter $5,000 on line 369 of your Schedule 1, Federal Tax Return. 5 seconds for $750.
When more than one person is entitled to the amount (for example, when two people jointly buy a home), the total of all amounts claimed cannot exceed $5,000. In other words, you and your spouse or common-law partner can split it, but the maximum claimed between both returns is still $5,000 total.
You do not need to send any supporting documentation with your tax return, but you d need to keep everything on file in case the CRA requests it at a later date.
To be eligible for this rebate:
- You or your spouse or common-law partner purchased a home in 2018.
And, one of the three below:
- You did not live in another home owned by your or your spouse or common-law partner in 2018 or in any of the four preceding years, or
- You are eligible for the disability tax credit; or
You acquired the home for the benefit of a related person who is eligible for the disability tax credit.
- You, or the related person with a disability, must intend to occupy the home as a principal place of residence no later than one year after it is purchased.
- The tax credit is available for existing homes and homes under construction.
- The home must be located in Canada, and must be registered in your and/or your spouse’s or common-law partner’s name.
- Almost all home types are eligible, with the exception of co-operative housing corporation which only gives purchasers the right to tenant their unit but not have an equity interest in the housing co-operative.
If you have any questions about the Home Buyers’ Tax Credit. please don’t hesitate to contact me. I am available by phone or email.