external-link
Skip to content
  • Français
    • Getting startedLearn about the stock market, investment types, and how to get started.
    • Working with an advisorA financial advisor can help you choose investments and manage your portfolio.
    • Making a planHaving a plan can make it easier to make the right investing decisions for you.
    • Tracking your progressLearn how to track your investing progress and see how you're doing.
    • Understanding riskHaving a plan can make it easier to make the right investing decisions for you.
    • Rules and regulationsRegulators protect investors in Canada by setting and enforcing securities rules.
    • Psychology of InvestingMake better financial decisions by learning about behavioural insights.
    • Community outreachOSC in the Community takes the OSC's mandate from Bay Street to Main Street.
    • AnnuitiesAnnuities are an investment that can generate a steady income in retirement.
    • BondsBonds are an investment that generate interest after a fixed period of time.
    • Crypto assetsCrypto assets are digital investments with different opportunities and risks.
    • ESG investingESG investing allows you to choose investments that align with your priorities.
    • ETFs (exchange-traded funds)These funds hold a collection of investments and are traded on a stock exchange.
    • GICs (Guaranteed investment certificates)GICs guarantee a specific rate of return over a short period of time.
    • Mutual funds & segregated fundsMutual funds pool multiple investments into a fund owned by many investors.
    • Pension & savings plansDifferent kinds of workplace pension plans provide retirement income.
    • Real estateBuying a home is a way to invest your money and diversify your portfolio.
    • StocksStocks give you equity in a company, and are traded on a stock exchange.
    • More complex investmentsComplex investments have potential for high reward, but also higher risk.
    • RDSPsPeople with disabilities can save with a Registered Disability Savings Plan
    • RESPsSave for your child's education with a Registered Education Savings Plan.
    • RRIFsYou open a Registered Retirement Income Fund with funds from your RRSP.
    • RRSPsA Registered Retirement Savings Plan grows your savings tax free until you retire.
    • TFSAsA Tax-Free Savings Account helps you save for any goal, tax free.
    • Bank accountsChequing and savings accounts can help you manage your short-term needs.
    • BudgetingA budget can help you manage your spending, saving, and plan for the unexpected.
    • Life eventsLearn about how your financial needs may change at different stages of life.
    • Managing debtDebt shouldn't get in the way of your saving and investing. Learn how to manage it.
    • Personal insurancePersonal insurance coverage can help protect you and your loved ones.
    • RetirementPlanning for retirement helps you determine how much to save and where.
    • Running a small businessImprove your financial knowledge for your business and your personal life.
    • Saving moneyKeep your financial goals on track by saving some money each month.
    • Understanding taxLearn more about how tax filing and tax deductions work.
    • Wills and estate planningPreparing a will and estate plan ensure your final wishes are taken care of.
    • Types of fraudLearn how to spot frauds and scams and what they look like.
    • Making a complaintKnow your options for making a complaint.
    • Reporting fraudIf you suspect you've been a victim of fraud, report it immediately.
    • Checking registrationAlways check the registration of anyone trying to give advice or sell investments.
    • Investor warnings and alerts
    • CalculatorsPractice calculating compound interest, savings, debt consolidation, and more.
    • Quizzes and toolsCheck your knowledge of scams, behavioural biases, and other financial tools.
    • WorksheetsTry our downloadable tools to help you plan and budget.
    • VideosOur videos show you the basics of investment types, frauds to watch for, and more.
    • Interactive investing charts
    • Research & reportsDelve into our research on Canadians' needs and habits in finances and investing.
    • Investing introductionVisit our multi-lingual site for information for those new to investing or new to Canada, or both.
    • Investor NewsStay informed about the latest investor initiatives, educational resources, topical issues, key dates, and investor warnings/alerts from the Ontario Securities Commission’s Investor Office.
    • Investing questionsOur Investing questions site offers clear, unbiased answers to your questions on investing, from a trusted source.
    • Investing fundamentalsThis site brings you on a visual journey of key investing concepts. No matter your age, income or goals, these eight fundamentals can help you make smarter investing decisions.
    • Investor officeVisit the Investor Office website to learn more about how we lead investor-focussed education and outreach, research, and policy initiatives at the Ontario Securities Commission.
    • Investment reportingThis site guides you through the steps to learn how your investments are doing. Then you'll know when to make changes in order to meet your goals.
    • Interviews

GetSmarterAboutMoney.ca

Français
When autocomplete results are available use up and down arrows to review and enter to go to the desired page. Touch device users, explore by touch or with swipe gestures.

Home / Managing your money / Understanding tax / Homeowners and tax

Real estate Tax

Homeowners and tax

2 min read

Share

  • Share to Twitter
  • Share to Facebook
  • Share to LinkedIn
  • Share to Reddit
  • Share via Email

On this page you’ll find

  • Home buyers’ amount
  • Home Accessibility Tax Credit (HATC)
  • Principal Residence Exemption

Home buyers’ amount

You or your spouse can claim the $5,000 Home buyers’ amount. The maximum credit is $750 ($5,000 x 15%, the lowest personal tax rateTax rate The rate at which you or a business pays tax on income. Often stated as…+ read full definition).

To qualify:

  • You or your spouse must have acquired a qualifying home, and
  • You can’t have lived in another home owned by you or your spouse in the year you buy your first home – or in any of the 4 previous years.

Home Accessibility Tax Credit (HATC)

Beginning in the 2016 tax year, there is a new non-refundable tax credit of up to $10,000 of eligible expenditures (for a maximum credit of $1,500) to renovate a home to make it more accessible, or to improve mobility within the home, for seniors 65 and over who are entitled to claim the Disability Tax Credit. Learn more about the HATC. ​

Principal Residence Exemption

You won’t pay tax on any money you make when you sell your principal residence. You don’t have to report the sale on your taxTax A fee the government charges on income, property, and sales. The money goes to finance…+ read full definition return. If prices go down and you lose money selling your home, you can’t claim the loss on your tax return. Learn more about the Principal Residence Exemption.

Home Buyers’ Plan (HBP)

As a first-time home buyer, You can borrow up to $35,000 from your RRSP under the HBP to buy or build a qualifying home for yourself, or someone with a disability who is related to you. You won’t pay any tax on the money as long as you pay it back within 15 years.

Key point

You won’t pay tax on any money you make when you sell your principal residence.

Take action

If you’re a first-time home buyer, find out if you qualify for the Home Buyers’ Plan from the Canada Revenue Agency.

Last updated September 18, 2023

Articles in this section

Articles read
How income tax works 2 min read
Understanding the tax deductions on your pay stub 3 min read
Investors and tax 4 min read
Reducing the tax taken from your pay cheque 2 min read
Tax penalties and fees 3 min read
7 reasons to file a tax return 2 min read
RRSP and TFSA contributions 2 min read
Penalties for not reporting income 2 min read
5 common mistakes to avoid on your tax return 2 min read
Making changes to your tax return 1 min read
If your tax return is reviewed 3 min read
If your tax return is audited 2 min read
If you don't pay your tax bill 2 min read
If you disagree with your tax assessment 1 min read
Filing a final return 1 min read
Charitable donations 2 min read
Medical and attendant care expenses 2 min read
Claim Tax Credits on Student Loans and Expenses 3 min read
Parents and tax 2 min read
Homeowners and tax 2 min read
Seniors and tax 3 min read
Caregivers and tax 2 min read
The self-employed and tax 3 min read

Post navigation

Back To:
Previous: Parents and tax
2 min read
Up Next:
Next: Seniors and tax
3 min read

Sign up for Investor News

Stay informed about the latest investor initiatives, educational resources and investor warnings and alerts.

Past issues
  • September 19, 2023
  • August 1, 2023
  • June 20, 2023

Connect with us

Facebook Twitter YouTube Instagram
  • About Us
  • Contact Us
  • Investor News
  • Media
  • Glossary
  • OSC in the community
  • OSC Website
  • Terms of use
  • Privacy Policy
  • Accessibility policy

Brought to you by the OSC Investor Office

This website is provided for informational purposes only and is not a source of official OSC policy or a substitute for legal or financial advice. We recommend that you consult with a qualified professional advisor before acting on any information appearing on this website. For details, please see our full Terms of Use and Privacy policy

© Ontario Securities Commission 2023

Go back to top