Line 31270 Home Buyers' Amount
Claim on your T1 the year after purchase. Up to $10,000 in eligible amount, non-refundable, worth up to $1,500.
CRA: Line 31270 →Stage · Buying your first home in Canada
After you close
Three tax filings and a handful of admin tasks that cost you money if you skip them.
What to do this week
- Flag your next tax return to claim the First-Time Home Buyers' Tax Credit on line 31270. Up to $1,500 credit.
- If you used HBP, your repayment schedule starts in the second year after withdrawal (fifth year for 2022-2025 withdrawals).
- Set up property tax, utilities, and home insurance in your name. Update your address with CRA, your bank, and your employer.
What to avoid
- Missing HBP repayments. The shortfall becomes taxable income for that year, every year you miss.
- Forgetting the principal residence exemption rules if you move out or rent a unit. A partial rental can partially disqualify the PRE.
- Letting title insurance and home insurance lapse.
Calculators for this stage
Forms to file at this stage
GST/HST New Housing Rebate (Form GST190)
If you bought a new or substantially renovated home, file within two years of close.
CRA: GST190 →Frequently asked
When does HBP repayment actually start?
For standard withdrawals, repayment begins in the second calendar year after withdrawal. For withdrawals made between January 1, 2022 and December 31, 2025, repayment starts in year five under the temporary grace period.
What happens if I miss an HBP repayment?
The amount you were supposed to repay is added to your taxable income for that year. Your RRSP room is not restored. Set up an annual reminder for the 60 days after year-end.
Do I need to file the HBTC the year I bought or the year after?
Claim it on the tax return for the year you bought the home. If you bought in 2026, the HBTC goes on your 2026 return, filed in spring 2027.
Can I rent out part of my first home without losing the principal residence exemption?
Yes, if the rental is ancillary and you do not claim capital cost allowance on the property. A dedicated rental suite with a separate entrance can trigger a partial disposition of the principal residence exemption. Talk to a tax advisor before renting.