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Tip of the Week

Home Buyers' Amount

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The Home Buyers' Amount for 2024 is $1,500, which is derived from multiplying the lowest personal tax rate for the year by $10,000 (15% for 2023 x $10,000 = $1,500).

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To qualify for the Home Buyers' Amount you must purchase a qualifying home and not have live in another home inside or outside of Canada that neither you or your spouse or common-law partner have owned in the year of purchase or any of the four preceding years.

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**CRA states, when only one spouse (or common-law partner) meets all of the conditions to apply for this tax credit, only the individual who meets all of the qualifications can claim the home buyers' amount regardless of the fact that the other spouse (or common-law partner) cannot.

 

For a home to qualify, it must be located in Canada and can be an existing home or one being constructed.  They include:

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  • single family

  • semi-detached

  • townhouses

  • mobile homes

  • condominiums

  • apartments

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​The rules for Home Buyers' Amount eligibility differ for those with disabilities or those who are purchasing for a related person with a disability and you do not have to be a first-time home buyer to qualify.

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This tax credit is no connected with the Home Buyers' Plan (HBP) even though many of the eligibility criteria are the same.  Even if you take advantage of the Home Buyers' Amount you can still qualify for the HBP.

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Questions?  Call or email today!

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