Tax season is here!


With the April 30 deadline approaching, now is the time to take advantage of tax credits and deductions for homeowners, homebuyers, and landlords. Here’s a quick guide to key federal and provincial programs to consider before filing your return.


  • Home Buyers’ Amount – First-time buyers can claim up to $10,000, providing a non-refundable tax credit of up to $1,500.
  • Home Buyers’ Plan (HBP) – Eligible first-time buyers can withdraw up to $60,000 from their RRSP to purchase or build a home. Funds must be repaid within 15 years.
  • First Home Savings Account (FHSA) – Introduced in 2023, this allows tax-deductible contributions of up to $8,000 per year (lifetime limit of $40,000) toward a first home. Withdrawals for qualifying home purchases are tax-free.
  • Home Accessibility Tax Credit (HATC) – Seniors and individuals eligible for the Disability Tax Credit can claim up to $20,000 in home renovation expenses, receiving a tax credit of up to $3,000.
  • GST/HST New Housing Rebate – If you purchased a newly built home or substantially renovated a property as your primary residence, you may qualify for a partial GST/HST rebate.
  • Multigenerational Home Renovation Tax Credit (MHRTC) – Families creating a secondary housing unit for seniors or adults with disabilities can claim up to $50,000 in renovation expenses, resulting in a tax credit of up to $7,500.
  • Rental Income Deductions – Landlords can deduct eligible expenses such as property taxes, mortgage interest, insurance, advertising costs, and renovation expenses related to the rental unit.
  • Moving Expenses – If you moved for work, business, or full-time post-secondary education and your new home is at least 40 km closer to your new location, you may be able to deduct moving costs, including transportation and legal fees.
  • Home Owner Grant (British Columbia) – This grant reduces property taxes for eligible homeowners on their principal residence. The amount depends on the assessed value and location of the home.



FINAL TIPS

  • Keep Records – Save all receipts and documents related to home purchases, renovations, and rental income to support your claims.
  • File on Time – The deadline to file your 2024 tax return is April 30, 2025.
  • Stay Informed – Tax laws and credits can change—check with the Canada Revenue Agency (CRA) or a tax professional to maximize your tax benefits.


By taking advantage of these tax credits and deductions, Alberta homeowners can reduce their tax burden and get the most out of their real estate investments.

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