Canadians who purchased a property last year can take advantage of some claims they can make on their tax returns.
According to the Canada Revenue Agency (CRA), first-home buyers last year can claim $5,000 for the purchase of a qualifying home, which includes the following:
- single-family houses
- semi-detached houses
- mobile homes
- condominium units
- apartments in duplexes, triplexes, fourplexes, or apartment buildings
"To claim it, you must not have lived in another home owned by you or your spouse or common-law partner in 2015 through to the day before the qualifying home was bought in 2019. This amount represents a non-refundable tax credit of up to $750," CRA said.
If the homebuyer is eligible for the disability tax credit, he or she does not have to be a first-time buyer to be able to claim the home buyers' amount.
This also applies to an individual who purchased a home for the benefit of a related person eligible for the disability tax credit.
Those who bought a newly built home from a builder can also claim a new housing rebate for some of the goods and services tax/harmonized sales tax they paid.
This rebate is also available to those who built or renovated a house to use as their principal residence.
Some Canadians will also be able to claim the expenses of renovating a house to make it more accessible. This claim is available for those who turned 65 or older at the end of last year.
“You may also be eligible if you are claiming tax credits for a qualifying individual,” CRA said.