First Time Home Buyers Amount of $5,000

The max you both can claim is $5,000. If your partner does not qualify you take the entire credit.

It uses the same eligibility as the HBP.

aspen300 wrote: ↑ If someone has not lived in a home they owned or their spouse owned over the past 4 years, I believe they are eligible to claim the First Time Home Buyers Amount of $5,000.

https://www.cibc.com/en/personal-bankin ... -plan.html

Does anyone know how this works if one spouse meets the criteria but the other doesn't? Are you entitled to claim half or is it an all or nothing approach?

Any insights would be super helpful!! = )

If one spouse is not eligible, then the other one is not eligible as well except in some circumstances .

“ To claim a refund, you must be at least 18 years of age, you cannot have owned a home or an interest in a home anywhere in the world, and your spouse cannot have owned a home or interest in a home, anywhere in the world while he or she was your spouse”

aspen300 wrote: ↑ If someone has not lived in a home they owned or their spouse owned over the past 4 years, I believe they are eligible to claim the First Time Home Buyers Amount of $5,000.

https://www.cibc.com/en/personal-bankin ... -plan.html

Does anyone know how this works if one spouse meets the criteria but the other doesn't? Are you entitled to claim half or is it an all or nothing approach?

Any insights would be super helpful!! = )

https://www.canada.ca/en/revenue-agency ... mount.html

bg8055 wrote: ↑ The max you both can claim is $5,000. If your partner does not qualify you take the entire credit.

It uses the same eligibility as the HBP.

Sorry, where did you read or hear this from as the other 2 posters below are saying otherwise.

simrannagra9 wrote: ↑ If one spouse is not eligible, then the other one is not eligible as well except in some circumstances .

“ To claim a refund, you must be at least 18 years of age, you cannot have owned a home or an interest in a home anywhere in the world, and your spouse cannot have owned a home or interest in a home, anywhere in the world while he or she was your spouse”

Out of curiosity, where do you get the below quote from as I couldn't find it anywhere, even when I googled for it.

“ To claim a refund, you must be at least 18 years of age, you cannot have owned a home or an interest in a home anywhere in the world, and your spouse cannot have owned a home or interest in a home, anywhere in the world while he or she was your spouse”

aspen300 wrote: ↑ Out of curiosity, where do you get the below quote from as I couldn't find it anywhere, even when I googled for it.

“ To claim a refund, you must be at least 18 years of age, you cannot have owned a home or an interest in a home anywhere in the world, and your spouse cannot have owned a home or interest in a home, anywhere in the world while he or she was your spouse”

It’s from Ontario’s ministry of finance website:

https://www.fin.gov.on.ca/en/bulletins/ltt/1_2008.html

I had the same situation last year as you are mentioning and didn’t get the first time home buyer rebate.

call a CPA

simrannagra9 wrote: ↑ It’s from Ontario’s ministry of finance website:

https://www.fin.gov.on.ca/en/bulletins/ltt/1_2008.html

I had the same situation last year as you are mentioning and didn’t get the first time home buyer rebate.

Thanks!! I think we might be talking about 2 different things though. I'm referring to the 5k deduction that one is entitled to when buying a house. See below link. Would appreciate if you do have any insights on this which you can share.

https://www.nerdwallet.com/ca/mortgages ... dit-canada

aspen300 wrote: ↑ Thanks!! I think we might be talking about 2 different things though. I'm referring to the 5k deduction that one is entitled to when buying a house. See below link. Would appreciate if you do have any insights on this which you can share.

https://www.nerdwallet.com/ca/mortgages ... dit-canada

Another poster above gave you the link to FTHBTC which is the same eligibility condition as provincial one


https://www.canada.ca/en/revenue-agency ... mount.html

I don't know your details. But in one scenario, if a couple had not been together for 4 yrs. Then is it not possible one would be eligible for this tax credit while the other not ? In that case, the eligible side could claim the max $5000, yes?

For example

• 2018 John lived in rental A; Jane lived in own property
• 2019 John lived in rental A; Jane lived in own property
• 2020 John lived in rental A; Jane sold property & moved to different rental B
• 2021 They got married, bought new home

Now to a different end. Home ownerships are increasingly expensive. Suppose two (or more) un-related "single" people bought a home, share ownership & cohabit together. Would each allow to claim $5000 ?

aspen300 wrote: ↑ If someone has not lived in a home they owned or their spouse owned over the past 4 years, I believe they are eligible to claim the First Time Home Buyers Amount of $5,000.

https://www.cibc.com/en/personal-bankin ... -plan.html

Does anyone know how this works if one spouse meets the criteria but the other doesn't? Are you entitled to claim half or is it an all or nothing approach?

Any insights would be super helpful!! = )

Check out CRA webiste and pay attention to their wording
You can claim up to $5,000 for the purchase of a qualifying home in the year if both of the following apply:
you (or your spouse or common-law partner) acquired a qualifying home
you did not live in another home owned by you (or your spouse or common-law partner) in the year of acquisition or in any of the four preceding years (first-time home buyer)

One disqualify automatically if the partner disqualify.
The $5000 amount applies to the household total so a couple can split the $5000. Total tax credit is 15% of $5000, which is $750.
If you or partner bought a property and none of you lived in this property in the last 4 years, i.e. rental property, then you both still qualify as first time home buyer.

I realized we forgot to claim this on a previous return. I checked mine and wifes returns and nope it was not reported. How far back can I go to do an adjustment?

For simplicity Sake, I would just claim it on mine instead of split it? so I go to a previous tax return and edit line 369 and do an adjustment and enter 5000? and they will re-assess my return and give me $750 refund?

Do we claim it on the tax year we took "possession" of the house? so for example if I took the keys in in 2017, i amend my 2017 tax with this info?

also do i have to do adjustment on the year I acquired the house or the year after

GoodFellaz wrote: ↑ I realized we forgot to claim this on a previous return. I checked mine and wifes returns and nope it was not reported. How far back can I go to do an adjustment?

For simplicity Sake, I would just claim it on mine instead of split it? so I go to a previous tax return and edit line 369 and do an adjustment and enter 5000? and they will re-assess my return and give me $750 refund?

Do we claim it on the tax year we took "possession" of the house? so for example if I took the keys in in 2017, i amend my 2017 tax with this info?

I'm no expert, but that sounds correct and I would try that for the year in which I took possession. The worst the CRA can do is ask you for some supporting documents. They may even pay you some interest on your refund.
According to this page, you can log into your CRA account and use "Change My Return" to adjust returns for the previous 10 years.

So the funny thing I did an adjustment on that prior year a while back for something else forgotten, I guess i can adjust an adjustment?

looks like I did the adjustment on my Wife's income tax for the prior year we were eligible for this. But My current income tax is also being electronically filed by my tax guy, will that be a problem to have 2 different tax years submitted at the same time?

GoodFellaz wrote: ↑ looks like I did the adjustment on my Wife's income tax for the prior year we were eligible for this. But My current income tax is also being electronically filed by my tax guy, will that be a problem to have 2 different tax years submitted at the same time?

It is ok.

okay thanks

they're assessing it now.