For the 2022 and subsequent taxation years, the amount used to calculate the HBTC is $10,000, which would provide a tax credit of up to $1,500 to eligible home buyers.
You can claim up to $10,000 for the purchase of a qualifying home in 2023 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 inside or outside Canada that you (or yours spouse or common-law partner) owned in the year of acquisition or in any of the four preceding years (first-time home buyer)
A qualifying home must be registered in your or your spouse’s or common-law partner’s name in accordance with the applicable land registration system and must be located in Canada. It includes existing homes and homes under construction.
The following are considered qualifying homes:
- single-family houses
- semi-detached houses
- townhouses
- mobile homes
- condominium units
- apartments in duplexes, triplexes, fourplexes, or apartment buildings
You must intend that you, or a related person with a disability, will occupy the home as a principal place of residence no later than one year after it is acquired.
You and your spouse or common-law partner can split the claim but the combined total cannot be more than $10,000.
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 be more than $10,000.