Canadians Who Bought A Home In 2020 Could Claim $5K On Their Tax Return

Here's what you need to know.👇💰
Senior Editor
Home Buyers' Amount Means Canadians Who Bought A Home In 2020 Could Claim $5K Back

If you bought, built or renovated a house in Canada last year, you could be eligible for money back at tax time via the “home buyers’ amount.”

Canadians who made an eligible property purchase in 2020 can claim $5,000 back on their tax return, providing they have not have lived in another home owned by themselves or their partner over the last four years.

Editor's Choice:Ford Says Allowing Outdoor Fitness & Haircuts In Grey Zones Is About To Be Decided

“Claiming this amount can result in a non–refundable tax credit of $750,” confirmed the Canada Revenue Agency (CRA) in a statement.

Additionally, anybody who bought an eligible newly-built home (property or land) or substantially renovated a house to use as a home can claim a GST/HST rebate.

Even if you didn’t buy a property last year, you could still get money come tax time. Eligible remote workers can get up to $400 back this year via the government’s working from home tax deduction.

Helena Hanson
Senior Editor
Helena Hanson is a Senior Editor for Narcity Media focused on major news. She previously lived in Ottawa, but is now based in the U.K.