First Time Buyer Federal Tax Credit

Attention first time buyers of 2019: we’re nearing the tax time deadline to file your income taxes for last year. While you may (or may not) be scrambling to get your documents in order, there’s one line on your tax form you won’t want to forget: line 31270 (formerly line 369).

This line will allow you to claim $5000 as a non-refundable tax credit if you purchased a qualifying home meeting the requirements in 2019, working out to a potential maximum savings of around $750.

You can read more on the Government of Canada’s website here.

Happy saving!