The Canada Revenue Agency published a filing-season reminder on home-related tax measures for taxpayers who bought, built, sold, or renovated a home in 2023.
The guidance included the First Home Savings Account. Eligible first-time home buyers could generally contribute up to $8,000 per year, with a $40,000 lifetime contribution limit, and may be able to deduct qualifying FHSA contributions.
CRA also pointed to the Home Buyers' Plan, which allows eligible withdrawals from RRSPs for a qualifying home purchase, subject to repayment rules.
For renovations, the guidance referred to the Home Accessibility Tax Credit, which can apply to eligible expenses that make a home safer or more accessible for a qualifying individual.
The agency also reminded taxpayers about GST/HST new housing rebate rules and reporting obligations when a principal residence is sold.
The larger point is that housing transactions can affect more than one part of a return. Savings accounts, RRSP withdrawals, renovation credits, rebates, and sale reporting each have separate eligibility rules.