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The First-Time Home Buyers’ Tax Credit is a non-refundable tax credit valued at $10,000. Before 2022, the credit was set at $5,000. However, a legislative change in 2022 increased the credit to $10,000 for that year and all subsequent tax years. For individuals purchasing their first home, claiming this tax credit can result in a total tax rebate of $1,500 (up from $750 prior to the approval of the 2022 Federal Budget).
While $1,500 may not be a transformative sum, it can certainly ease the financial burden associated with buying a first home. The First-Time Home Buyers’ Tax Credit, established in 2009, is open to all eligible Canadian taxpayers.
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