Did You Buy Your First Home in 2022 or 2023? Here’s a Tax Credit You Might Have Missed!

If you were a first-time home buyer in 2022 or 2023, you may qualify for the First-Time Home Buyers' Tax Credit (HBTC), which could save you up to $1,500 on your taxes. Many new homeowners aren’t aware of this credit and may have missed out on claiming it—but the good news is, it's not too late to correct your tax return and claim the credit!

In this post, I’ll walk you through what the HBTC is, how it works, and how you can still apply it to your past returns.

What is the First-Time Home Buyers’ Tax Credit?

Introduced in the 2022 tax year, the HBTC allows eligible first-time home buyers to claim up to $10,000 (Line 31270) on their tax return. This non-refundable tax credit can reduce your federal taxes by $1,500, which is a great way to help with those early homeownership expenses.

To be eligible, you must:

• Have purchased your first home in 2022 or 2023.
• Not have owned a home in the four years prior to the purchase.

This credit is available for a wide range of home purchases, including single-family homes, semi-detached houses, townhouses, and condominiums.

How Can It Reduce Your Taxes?

Claiming the HBTC on your 2022 or 2023 tax return can reduce your federal taxes by up to $1,500, providing a helpful cushion when managing new homeownership costs. If you have a spouse or common-law partner, either one of you can claim the credit, or you can split it—but the total amount claimed between you cannot exceed $10,000. And if you didn’t claim it when you filed, there’s still time to amend your return and take advantage of this benefit.

Missed the Credit? It’s Not Too Late!

Even if you didn’t claim the Home Buyers’ Amount on your 2022 or 2023 tax return, you can still file an adjustment. The CRA allows you to make changes to your past returns through My Account or by submitting a T1 Adjustment Request.

Need Help Amending Your Tax Return?

Changing a tax return can seem intimidating, but it doesn’t have to be. If you’re unsure about how to claim the HBTC or need help making adjustments to your return, I can assist you. Contact us today for help adjusting your taxes!

Don’t miss out on valuable tax credits just because they weren’t claimed on time. If you bought your first home in 2022 or 2023, take advantage of the First-Time Home Buyers’ Tax Credit and reduce your tax bill today. Contact me to find out how I can help you adjust your tax return and claim your credit.