First-Time Homebuyer Benefits
By Anonymous · 2026-08-27
First-Time Home Buyers' Tax Credit (Line 31270)
Important Update: The government updated the amount to $10,000 starting in 2022! You claim this $10,000 amount on your tax return for the year you purchased the home. It is multiplied by the lowest federal tax rate (15%), which provides a non-refundable tax reduction of up to $1,500. As you noted, this can only be claimed once.
First Home Savings Account (FHSA)
You can contribute up to $8,000 per year (up to a $40,000 lifetime limit). The money you put in is tax-deductible (lowering your income taxes for the year, similar to an RRSP), and the money you withdraw—including any investment growth—is completely tax-free as long as it is used to buy your qualifying first home.