I purchased my first home in 2020 and with HBP, but did not claim the Home Buyer's Amount ($750 tax credit) - can I claim it in my 2021 return?

Forum|Forum|4 years ago
February 16, 2022
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Home in BC

Acc1234humber

Unfortunately, as per our TurboTax article Who Can Benefit From the Home Buyers’ Amount? The Home Buyers’ Amount (HBA) is a non-refundable credit that allows first-time purchasers of homes, and purchasers with disabilities, to claim up to $5,000 in the year when they purchase a home.

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taxpayer94Author

Thank you for your response - Does it make sense to amend my 2020 return to claim the HBA credit?

Acc1234humber

If it is beneficial for you to claim the HBA than yes, an adjustment might be in your favor. I would suggest that you complete a new return and enter the same information as the one you filed including your HBA to see the difference. Do not file it – simply look at the numbers and if you feel that it is worth it- such as a higher refund than you can do an adjustment to your filed return. How to Change Your Tax Return AFTER You’ve Filed

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