Home Buyers' Amount (Line 31270)

If you purchased a qualifying home in the tax year, you can claim up to $10,000 on Line 31270 of your return.

Value of the Credit

Since this is a non-refundable tax credit calculated at the lowest federal tax rate (15%), the maximum tax savings is $1,500.

Qualifying Home

To qualify, the home must be registered in your name or your spouse's name and must be located in Canada. It can be existing or under construction.

First-Time Home Buyer

You are considered a first-time home buyer if you did not live in another home that you or your spouse owned in the year of acquisition or in any of the four preceding years.