First Time Home Buyer Tax Credit (HBTC)

If you bought your first home in 2022, make sure to apply for the "First Time Home Buyer Tax Credit" on your income tax form.

You can claim up to $10,000 for the purchase of a qualifying home in 2022 if both of the following apply:

You (or your spouse or common-law partner) acquired a qualifying home and you did not live in another home that you (or your spouse or common-law partner) owned in the year of acquisition or in any of the four preceding years.

For the 2022 and subsequent taxation years, the Federal Budget proposed to increase the amount used to calculate the HBTC to $10,000, which would provide a tax credit of up to $1,500 to eligible home buyers.

The value of the HBTC is calculated by multiplying $10,000 by the lowest personal income tax rate (15% in 2022).

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.

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 be more than $10,000.