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.

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.

CanadaMoney
  • Helena Hanson

    Managing Editor

    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.

9 federal tax credits that could reduce how much you owe on your tax return this year

If you don't want to owe the government money, these tax credits could help!

13 Canadian tax credits you could claim when filing your return this year

Some credits reduce the tax you owe and others get you money back! 🤑

A new rebate for first-time home buyers in Canada is available and you can get up to $50,000

CRA is now accepting applications.

These Canadian tax credits could help you get a refund from your tax return

Claiming refundable tax credits could put money in your bank account. 👀

11 Canadian snacks you can't find in the US so I just dream about now

All-dressed > everything.

I moved from Toronto to a small town in Ontario and these 7 things were major culture shocks

I went to live out my Stars Hallow dreams...

Old Age Security payments for April will be bigger and you could get more money soon

Maximum payment amounts are over $700.

Gunman at Mexico pyramids kills Canadian tourist

Canadian tourist killed, another injured after gunman opens fire at Mexico pyramids

8 weirdly specific things I'm always asked as a Canadian travelling abroad

"Do you know my friend Bobby?" No...

I'll be skipping these 7 things at the Calgary Stampede this year

Take from me — a Stampede regular.🤠

Poll suggests more Tory voters now want new leader

Poll suggests more Conservative voters now want to replace Poilievre as leader

Ontario to sell $29-million jet bought for Ford

Ontario to sell $29-million jet bought for Premier Doug Ford after backlash

Alberta to do away with twice-a-year time change

Alberta's government says it will do away with twice-a-year time change

This $10 train ride from Toronto takes you to a lakeside village with dreamy cherry blossoms

It's a magical place for a spring day trip.