News$750 Tax Rebate FTHB

2019 First-Time Home Buyers eligible for $750 tax rebate

The First-Time Home Buyers’ Tax Credit (HBTC) allows Canadians who purchased their first home in 2019 to claim a $5000 credit on their federal income taxes which results in up to a $750 rebate.

Please bring this to the attention of your accountant if they have not already addressed it with you.

If your return has already been filed, it is possible to file an amendment.

For those looking for an introduction to a qualified accountant please let me know and I can easily arrange that for you.

If filing your own return then claiming the credit is easy (please check your eligibility and your own due diligence):

  • Enter $5000 on line 31270 of your Schedule 1, Federal Tax Return.

You can claim $5000 for the purchase of a qualifying home in 2019 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 your or your spouse or common-law partner in the year of acquisition or in any of the four preceding years (first-time home buyer)

The government website link is here and also includes the definition of a qualifying home (owner-occupied vs investment etc).

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 $5000. In other words, you and your spouse or common-law partner can divide the amount, but the maximum claimed between both returns is still just $5000 total.

You do not need to send any supporting documentation with your tax return, but you do need to keep everything on file relating to your purchase in case the CRA requests it at a later date.

As always, if there is anything I can assist with please get in touch as your trusted Vancouver Mortgage Broker

DISCLAIMER – this is solely to pass on information that you can bring up with your accountant or further investigate. It is not meant to be accounting or legal advice as I am not qualified to provide either. Please consult with your accountant to confirm your eligibility for this credit as individual situations may vary; such as first-time buyer buying with a non-first-time buyer, investment properties, going thru a separation, or selling your property. Your accountant can advise in these cases and others.