Find out how to claim the $10,000 Home Buyer Grant tax credit in Canada, who qualifies, how it’s split, and essential details in a simple, people-first guide. Everything You Need to Know About Claiming the $10,000 Home Buyers’ Amount in 2024
What Is the Home Buyers’ Amount?
The Home Buyers’ Amount is a helpful tax credit for those purchasing a home in Canada. If you meet the eligibility, you can claim up to $10,000 on your tax return for the year you buy a qualifying home.
This benefit supports both first-time home buyers and certain people living with disabilities. It’s designed to ease the financial burden when making one of the most significant investments of your life.
Who Can Claim This Amount?
Two Key Conditions:
To claim the Home Buyers’ Amount (also known as the first-time home buyer’s tax credit), you must:
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Acquire a qualifying home (registered in your name or that of your spouse or common-law partner)
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Not have lived in another home (owned by you or your spouse/partner) in the year of purchase or any of the previous four years
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(Exception: This rule doesn’t apply if you are a person with a disability.)
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For couples, only the partner meeting all conditions can make the claim if the other is not eligible, even if both are part of the transaction.
What Counts as a Qualifying Home?
A qualifying home is not just limited to single-family houses. To qualify, the property must be:
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Located in Canada
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Registered under the applicable land registration system
Examples of qualifying homes include:
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Single-family houses
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Semi-detached houses
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Townhouses
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Mobile homes
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Condominium units
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Apartments in duplexes, triplexes, fourplexes, or apartment buildings
Ownership through a share in a co-operative housing corporation also counts if it entitles you to both own and have an equity interest in the unit.
A share that only gives tenancy rights doesn’t qualify.
Important: You or a related person (with a disability) must intend to live in the home as your main residence within one year of purchase.
Are There Special Rules for People With Disabilities?
Yes, the process is more inclusive for those with disabilities:
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You don’t need to be a first-time home buyer if you’re eligible for the disability tax credit.
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You can also qualify if you purchased the home for a related person eligible for the disability tax credit.
The key requirement for disabilities:
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The home must be more accessible or better suited to the person with a disability.
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You or the related person must plan to live there as your primary home within one year after buying.
How Much Can I Claim and How Do I Do It?
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You can claim up to $10,000.
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Enter $10,000 on line 31270 of your tax return, provided you are not splitting the amount with a spouse or partner.
Splitting the Credit
When multiple people (including couples or joint buyers) are eligible for the credit for the same property, you can choose to split the claim. But the total combined claim cannot exceed $10,000 for that year.
Keep Your Documents Safe
Whether you file online or by paper, keep all supporting documents handy, as the Canadian Revenue Agency (CRA) may ask to see them.
Quick Table: Home Buyers’ Amount vs. Disability-Accessible Home Credit
| Eligibility | Home Buyers’ Amount | Persons with Disability |
|---|---|---|
| First-time home buyer | Required | Not required |
| Disability tax credit eligible | Not required | Required |
| Principal Residence | Within 1 year | Within 1 year |
| Maximum Claim | $10,000 | $10,000 |
| Can be split among buyers | Yes | Yes |
FAQs
Q: What is the maximum amount I can claim?
A: The maximum claim is $10,000 for the qualifying home.
Q: Can both my partner and I claim the full amount?
A: No, the total claim for one home across all eligible buyers cannot exceed $10,000.
Q: Do I need to submit supporting documents?
A: You don’t need to submit them when filing, but keep them in case CRA requests to review them.
This guide helps you confidently understand and claim the Home Buyers’ Amount on your Canadian tax return, making the process simpler whether you’re a first-time buyer, a couple, or someone assisting a loved one with a disability.
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