Canada Revenue Agency published a filing-season guide to housing-related tax savings.
The guidance included the First Home Savings Account. Eligible first-time home buyers can contribute or transfer from RRSPs to FHSAs up to $8,000 per year, with a $40,000 lifetime limit.
CRA also highlighted the Home Buyers' Plan. The withdrawal limit had increased to $60,000, giving eligible first-time buyers more room to use RRSP funds toward a home purchase.
The home buyers' amount was another filing-season item. Eligible taxpayers could claim up to $10,000 for a tax credit of up to $1,500.
For renovations, the Home Accessibility Tax Credit allowed homeowners aged 65 and older, or taxpayers eligible for the Disability Tax Credit, to claim up to $20,000 in qualifying home renovation expenses for a credit of up to $3,000.
CRA also referred to the GST/HST new housing rebate, which may return part of the GST or HST paid on eligible new housing.
The guide pulls together measures that are easy to miss because they sit in different parts of the tax system: savings accounts, RRSP withdrawals, non-refundable credits, renovation credits, and GST/HST rebates.
The common thread is timing. Housing-related tax support often depends on eligibility at the time of purchase, contribution, withdrawal, renovation, or filing.