2026 Oct 01 I received some questions today relating to first-time home buyers. 1. If the wife buys property now as first time buyer and they live in it and she claims the home buyer tax, can the husband buy as a first time buyer later on (they will live in it) and also claim the home buyer tax? 2. What about the FHSA? If the wife buys property now and uses her FHSA can the husband use his FHSA later on? Or should he use it now? Here are my answers. 1. Individuals can claim Home Buyers Amount tax credit. However, there are requirements. In the case of husband and wife, if they live together, then the husband will not qualify for home buyers credit at a later time. One of the requirements is that the taxpayer did not live in the house that the spouse owns in the last 5 years. See here for more info. https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-31270-home-buyers-amount.html PS: You can split the Home Buyers Anount with any other eligible persons who jointly acquired the home. This means you’re not limited to splitting the tax credit with your spouse! 2. FHSA (First Home Savings Account) is also an individual account. In my opinion, both husband & wife should use the FHSA (withdraw the money for home purchase). Otherwise, if the wife withdraws now, the husband’s future FHSA withdrawal may not be considered a qualifying withdrawal if he lives in the same house as the wife. Here is the link to read about FHSA. https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account.html PS: “A “first-time home buyer” for the purpose of making a qualifying withdrawal is different from a “first-time home buyer” for the purpose of opening an FHSA.” ⭐️ Please note that this post is not a tax advice. This is general information only. Please consult your own tax professional for advice specific to your situation. I recommend you get a second or third opinion to check if the first advice you received is correct. #moneytips #canadiantaxtips #prudentmoneycoach
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