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Summary

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

Here's what you need to know.👇💰
Home Buyers' Amount Means Canadians Who Bought A Home In 2020 Could Claim $5K Back
Michel Bussieres | Dreamstime Osa855 | Dreamstime
Managing Editor, Canada

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.

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“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.

CanadaMoney

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      Helena Hanson (she/her) is the Managing Editor of Canada for Narcity and MTL Blog, where she brings her expertise in dreamy, aspirational travel journalism to life. A first-class graduate of Cardiff University's School of Journalism, Helena has a passion for inspiring readers to discover the magic in their own backyards. Originally from the U.K., Helena has spent years uncovering hidden gems and must-see destinations across countries like Sri Lanka, Vietnam, Indonesia, Japan, and more. Having lived in both Canada and Australia, she's become a seasoned expert in off-the-beaten-path adventures and bucket-list experiences that don't break the bank. Whether she's writing about things to do in Ottawa, Montreal, or her favourite spot—Disney World—Helena hopes to leave readers dreaming of their next adventure.

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