Maryam  Shafikhani

Maryam Shafikhani

Sales Representative

Right at Home Realty, Brokerage*

Mobile:
647-571-3470
Office:
905-695-7888
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Government of Canada current Housing benefits March 1, 2024

 

Government of Canada current Housing benefits

Information on the GST/HST new housing rebate, buying a home, making homes more energy-efficient and funding for Indigenous housing construction and renovation.

 

Multigenerational Home Renovation Tax Credit

A credit of up to $7,500 to assist with the cost of renovating a residence to establish a secondary unit.
The MHRTC is a new refundable tax credit for your 2023 return. Eligible expenses for creating a secondary unit can be claimed if it accommodates a senior or eligible adult with disabilities living with a qualifying relative. Each completed renovation can claim up to $50,000 in expenses, with a 15% tax credit, maxing out at $7,500 per claim.

 

GST/HST new housing rebate

Recover part of GST/HST paid for a new or renovated home that is your primary residence.

The GST/HST new housing rebate allows an individual to recover some of the GST or the federal part of the HST paid for a new or substantially renovated house that is for use as the individual's, or their relation's, primary place of residence, when all of the other conditions are met. In addition, other provincial new housing rebates may be available for the provincial part of the HST whether or not the GST/HST new housing rebate for the federal part of the HST is available.

Home buyers' amount

You can claim up to $10,000 for the purchase of a qualifying home in 2023 if you meet both of the following conditions:

  • You (or your spouse or common-law partner) acquired a qualifying home
  • You did not live in another home (inside or outside Canada) that you (or your spouse or common-law partner) owned in the year of acquisition or in any of the four preceding years (first-time home buyer) unless you are a person with a disability)

 

First Home Savings Account (FHSA)

A first home savings account (FHSA) is a registered plan which allows you, if you are a first-time home buyer, to save to buy or build a qualifying first home tax-free (up to certain limits).

 

The Home Buyers' Plan 

The Home Buyers' Plan (HBP) is a program that allows you to withdraw from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a specified disabled person. Currently the HBP withdrawal limit is $35,000 per person! For a married couple or common-law partners, it is $70, 000 towards their downpayment!

Note:
You can withdraw amounts from your RRSP under the HBP and make a qualifying withdrawal from your first home savings account (FHSA) for the same qualifying home, as long as you meet all of the conditions at the time of each withdrawal. For information about FHSA, go to First home savings account (FHSA).

 


Funding for Indigenous housing

Discover funding and financing opportunities for Indigenous housing construction and renovation in Canada at

https://www.cmhc-schl.gc.ca/professionals/project-funding-and-mortgage-financing/funding-programs/indigenous

Canada offers a range of low-cost repayable and non-repayable loans and contributions for qualified projects. Find out what program is right for you.

 

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