Canada Tax Agency Issues Information on Tax Measures for Home Buyers, Sellers, Renovators for 2023

The Canadian Revenue Agency March 26 issued information on tax measures available to taxpayers who purchased, constructed, sold, or renovated a home in 2023. The measures include: 1) the non-refundable first-time home buyers’ tax credit (HBTC) of up to C$1,500 (US$1,104) for qualifying taxpayers and homes; 2) the GST/HST new housing rebate for qualifying new or substantially renovated housing used as a primary residence; 3) the home buyer’s plan (HBP) allowing taxpayers to withdraw up to C$35,000 (US$25,775) tax-free from registered retirement savings plans (RRSPs) to buy or build a qualifying home, subject to conditions; 4) the first home savings ...