Canadian homeowners and buyers can access several tax credits, rebates, and deductions during tax season.
First-time buyers may claim a ~$10K tax credit, offering up to ~$1.5K in federal tax relief.
The Home Buyers’ Plan lets eligible buyers withdraw up to ~$60K from RRSPs to purchase a home.
Canadians earning rental income must report it but can deduct expenses like mortgage interest, insurance, and utilities.
Renovation credits and anti-flipping rules also affect taxes, including accessibility upgrades and profits from homes sold within 12 months.