Canada’s First-Time Home Buyers’ Tax Credit and Line 31270 on Your Tax Return
Buying your first home is expensive. That’s especially true these days, given the recent rise in interest rates and home prices. If you’re feeling stressed by all the expenses that come with purchasing a home, there may be some relief.
The government offers programs designed to make home-buying more affordable. One of those programs is called the First-Time Home Buyers’ Tax Credit (HBTC).
Also known as the Home Buyers’ Amount (HBA), it’s a non-refundable tax credit that allows purchasers to claim an amount of $10,000 on their tax return during the year they purchase their home. The maximum tax credit that you can receive is $1,500.
Canada’s First-Time Home Buyers’ Tax Credit and Line 31270 on Your Tax Return
Buying your first home is expensive. That’s especially true these days, given the recent rise in interest rates and home prices. If you’re feeling stressed by all the expenses that come with purchasing a home, there may be some relief.
The government offers programs designed to make home-buying more affordable. One of those programs is called the First-Time Home Buyers’ Tax Credit (HBTC).
Also known as the Home Buyers’ Amount (HBA), it’s a non-refundable tax credit that allows purchasers to claim an amount of $10,000 on their tax return during the year they purchase their home. The maximum tax credit that you can receive is $1,500.