2019 First Home Buyers – How to Receive $750
First-time home buyers in 2019 maybe eligible for a $750 rebate on their 2019 income taxes by claiming the First-Time Home Buyers’ Tax Credit (HBTC)
The First-Time Home Buyers’ Tax Credit (HBTC) allows eligible first-time home buyers who purchased a home in 2019 to claim $5,000 on their federal income taxes for the purchase of the home. This credit works out to be a rebate of $750!
Claiming the HBTC is easy.
Enter $5,000 on Line 31270 of your Schedule 1, Federal Tax Return.
To be eligible for this rebate:
1. You or your spouse or common-law partner purchased a home in 2019
2. And, one of the three below:
You did not live in another home owned by you or your spouse or common-law partner in 2019 or in any of the four preceding years, or
You are eligible for the disability tax credit; or
You acquired the home for the benefit of a related person who is eligible for the disability tax credit.
More Info: 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 $5,000. In other words, you and your spouse or common-law partner can split it, but the maximum claimed between both returns is still just $5,000 total.
You do not need to send any supporting documentation with your tax return, but you do need to keep everything on file in case the CRA requests it at a later date.