Updated Home Buyers Amount

The Home Buyers Amount tax credit is normally for first time buyers, however if you acquired the home for the benefit of a related person who is eligible for the disability amount, you may claim the amount. The purchase must be made to allow the person eligible for the disability amount to live in a home that is more accessible or better suited to the needs of that person.

For the tax year 2022 and beyond, this tax credit has been increased to $10,000 from $5,000.

To be clear, the tax refund is 15% of $10,000 which is $1,500.

Does it only apply if this is your first home?

No! The home does not need to be for first time buyers if it was the benefit of someone with a disability.

May I use this credit more that once?

Yes! You may use this credit for different homes purchased in different years. The only criteria is that you purchased the home for the benefit of someone who qualifies for the Disability Tax Credit.

I missed applying for this in previous years. Can I still get the credit?

Yes! As long as the home purchase was made when the person qualified for the Disability Tax Credit and you purchased the home for their benefit, you may request the backdated credit.

To do this write a simple letter to CRA requesting the credit, mailing a T1-ADJ form or using Change My Return on the CRA My Account.

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