IF YOU’RE SAVING FOR YOUR FIRST HOME
You can withdraw up to $60,000 tax-free from your RRSP to purchase or build your first home through the Home Buyer’s Plan. This benefit offers extended flexibility, including a longer repayment period. Both you and your partner can each participate, and you have until 2025 to take advantage of this opportunity.
Additionally, the First Home Savings Account allows you to contribute up to $8,000 annually, with a lifetime limit of $40,000.
IF YOU UPGRADED
If you’re 65+, or eligible for the Disability Tax Credit, you can claim up to $20,000 in your home renovation expenses, through the Home Accessibility Tax Credit, offering tax savings of up to $3,000.
The Multigenerational Home Renovation Tax Credit offers up to $75,500 in tax savings for renovations that create a self-contained unit for a senior or DTC-eligible individual, allowing them to live with a family member.
IF YOU SOLD YOUR HOME
If you sold your home in 2024, you may be eligible for the Principle Residence Exemption, potentially reducing or eliminating capital gains tax. Be sure to report the sale on your tax return. Note that selling and buying a property within a year may trigger higher taxes under the Residential Flipping Rule.
IF YOU BOUGHT YOUR FIRST HOME
If you purchased your first home in 2024, you may qualify for the Home Buyers’ Amount. This tax credit offers up to $1,500 in savings, based on a $10,000 claim. If you, or your spouse, have disability or purchased a home for someone who is disabled, you could benefit from additional savings.
If you liked this article, please check back for new content!
If you have additional questions, please contact us.
