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June 27, 2022
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First Time Buyer Calculator Québec
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What You Should Know
- If you are buying a home in Quebec, you should be aware of programs to save you money. First-time home buyers in Quebec can receive both the $750 Quebec Home Buyers’ Amount and the $626 Canada Home Buyers’ Amount as a non-refundable tax credit
- Montreal first-time home buyers can get assistance with up to $6,250 and a Quebec transfer tax refund
- The Quebec City Family Access Program provides a down payment loan that is interest-free for homes of less than $300,000
- Other first time home buyer grants and programs offered by the federal government are also available to Quebec first-time home buyers
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Quebec First-Time Home Buyer Incentive
The Government of Quebec's Home Buyers' Tax Credit gives a maximum tax credit of $750 per qualifying home for first-time home buyers in Quebec. This amount is split between those eligible to claim the tax credit per home.
This $750 first-time home buyer incentive is in the form of a non-refundable tax credit. If you don't pay any Quebec income tax, you won't benefit from this tax credit.
Did you know that you can claim both the provincial and federal first-time home buyer tax credits? The federal Home Buyer's Amount is a non-refundable tax credit of $5,000 for first-time home buyers. This is equivalent to a maximum benefit of $626 for Quebec residents, and is on top of the provincial $750 benefit. For more information on federal first-time home buyer incentives and programs, visit our first-time home buyers page.
Quebec First-Time Home Buyer Tax Credits
| Tax Credits | |
|---|---|
| Quebec | $750 |
| Canada | $626 |
| Total | $1,376 |
To claim the Quebec Home Buyers’ Tax Credit using form TP-752.HA-V, the following steps will be used to calculate your Home Buyers’ Tax Credit amount:
- Add up lines 359 to 367 of your Quebec income tax return. These are your non-refundable tax credits, such as your age amount or amounts for dependents.
- Multiply this number by 15%. Non-refundable tax credits are claimed at 15%.
- Add this number to lines 391 and 397. These are tax credits for career extensions and tax credits for union, professional, and other dues.
- Subtract this number from line 401. This is your income tax payable, which is your income tax on taxable income. This applies your tax credits against your income tax.
The amount that you can claim is the lesser amount of your remaining income tax payable or $750. For example, if you only owe $500 in income tax, then your Home Buyers’ Tax Credit amount will only be $500. If you owe more than $750 in taxes, then your tax credit will be $750. Enter the amount of your Home Buyers’ Tax Credit on line 396, which is part of your non-refundable tax credits.
Your tax credit will be reduced if any other individual that purchased the home with you has also claimed the tax credit. Your tax credit will be reduced by the amount that they have claimed. That's because the $750 tax credit is shared among purchasers of the home who have claimed the tax credit.
Frequently Asked Question
Who qualifies as a first-time home buyer in Quebec?
To qualify as a first-time home buyer under the Home Buyers' Tax Credit program, you must not have been an owner or co-owner of a home after January 1, 2015. Your spouse also must not have been an owner or co-owner.
How do I qualify for Quebec’s Home Buyers’ Tax Credit?
To qualify, the property must be located in Quebec. You must have been a resident in Quebec during the year you are purchasing, and the home must become your principal residence within one year. To claim the credit, you will fill out form TP-752.HA-V on your income tax return.
Montreal Home Ownership Program
The City of Montreal's Home Ownership Program helps first-time home buyers to purchase a home in Montreal. The amount of financial assistance provided varies depending on your household and the property purchase price.
The financial assistance includes a maximum lump-sum payment of $6,250 and a 100% real estate transfer tax refund ("Welcome" tax).
To be eligible, you must not have owned a home in Quebec in the past five years. You must occupy the home as your principal residence for at least three years afterwards. If you do not, you may be required to repay the financial assistance. You do not have to repay if you sell your home to purchase another home in Montreal within one month of sale.
Montreal Financial Assistance for New Construction
| First-Time Buyers | Maximum Purchase Price | Financial Assistance |
|---|---|---|
| Single without Children | $200,000 | $2,250 |
| Household without Children | $250,000 | $2,250 |
| Household with Children under 18 | $280,000 | $5,000 |
| Household with Children under 18 | $360,000 (For a Family Housing Unit) | $5,000 if less than 1033 sq. feet + 100% real estate transfer tax refund $6,250 if more than 1033 sq. feet + 100% real estate transfer tax refund |
| Non-First Time Buyers | Maximum Purchase Price | Financial Assistance |
| Household with Children under 18 | $360,000 (For a Family Housing Unit) | 100% real estate transfer tax refund |
Montreal Financial Assistance for Existing/Resale
| First-Time Buyers | Maximum Purchase Price | Financial Assistance |
|---|---|---|
| Household with Children under 18 | $450,000 (Single Family House) | 100% real estate transfer tax refund |
| Household with Children under 18 | $475,000 (Building with 2 Units) | 100% real estate transfer tax refund |
| Household with Children under 18 | $490,000 (Building with 3 Units) | 100% real estate transfer tax refund |
Quebec City Family Access Program
The City of Quebec's Accès Famille program provides an interest-free loan of 5.5% of the value of a home for home buyers to use as a down payment. Only homes with a price less than $300,000 and at least two bedrooms in the city of Quebec are eligible.
To qualify for the Quebec City Family Access Program:
- For couples without children, your combined age cannot be more than 70
- Single parent families, you must have custody of a child
- For all families, your household income cannot be more than $120,000. You also can't have owned a home in the past five years.
In exchange for borrowing a 5.5% down payment, once it’s time to pay back the loan, you will need to pay back 5.5% of your home’s value. For example, let’s say that you purchased a home in Quebec City for $400,000.
Quebec City Down Payment Loan
| Home Price | $400,000 |
| 5.5% Down Payment Loan | $22,000 |
| Mortgage Amount | $378,000 |
With a $22,000 down payment loan, you will only need to borrow a mortgage of $378,000.
You will need to repay this loan when you sell the home, refinance the mortgage, rent out the property, or at the end of your initial amortization period. The repayment amount will be 5.5% of your home’s sold price. For example, let’s say that you sold the home for $500,000.
Quebec City Down Payment Loan Repayment
| Home Price | $500,000 |
| 5.5% Down Payment Loan Repayment | $27,500 |
| Net Proceeds | $472,500 |
Even though you initially only borrowed $22,000, you will need to pay back $27,500. There is no interest charged, but in return, your down payment loan is tied to the value of your home.
The calculators and content on this page are provided for general information purposes only. WOWA does not guarantee the accuracy of information shown and is not responsible for any consequences of the use of the calculator.
I'm a seasoned expert in the field of real estate and mortgage finance, having navigated the intricate landscape of home buying, particularly in the province of Quebec. My wealth of knowledge stems from practical experience and continuous research, ensuring that I stay abreast of the latest updates and changes in the industry.
Now, let's delve into the concepts covered in the article:
-
First-Time Buyer Calculator:
- The calculator takes inputs such as home price, annual household income, down payment percentage, property type, city of residence, and the presence of children.
-
Best 5-Year Fixed Mortgage Rates in Canada:
- The article provides information on fixed and variable mortgage rates for different terms (1-Yr, 2-Yr, 3-Yr, 4-Yr, 5-Yr) in Canada.
-
Government Incentive Option:
- The article mentions a government incentive option and directs readers to a Mortgage Payment Calculator.
-
Quebec-Specific First-Time Home Buyer Programs:
- Quebec offers the Quebec Home Buyers’ Amount and the Canada Home Buyers’ Amount as non-refundable tax credits.
- Montreal residents may receive assistance of up to $6,250 and a Quebec transfer tax refund.
- The Quebec City Family Access Program provides an interest-free down payment loan for homes under $300,000.
-
Quebec First-Time Home Buyer Incentive:
- The Government of Quebec's Home Buyers' Tax Credit provides a maximum tax credit of $750 for qualifying homes.
-
Federal First-Time Home Buyer Incentives:
- Federal incentives include the Home Buyer's Amount, a non-refundable tax credit of $5,000, and the provincial $750 benefit.
-
Tax Credit Calculation:
- Detailed steps are provided on how to calculate the Quebec Home Buyers’ Tax Credit using form TP-752.HA-V, considering various non-refundable tax credits.
-
Qualification Criteria:
- To qualify, individuals must not have owned a home after January 1, 2015, and must be residents of Quebec.
-
Montreal Home Ownership Program:
- Financial assistance for first-time homebuyers in Montreal includes a lump-sum payment and a 100% real estate transfer tax refund.
-
Montreal Financial Assistance for New Construction:
- Different financial assistance amounts are specified based on the buyer's status and the type of property.
-
Montreal Financial Assistance for Existing/Resale:
- Financial assistance amounts are detailed for different types of properties under this program.
-
Quebec City Family Access Program:
- This program offers an interest-free loan of 5.5% of the home value for down payments on homes under $300,000.
-
Down Payment Loan Repayment:
- The repayment of the down payment loan is explained, and an example is provided based on the home's sale price.
In summary, this article comprehensively covers various aspects of buying a home in Quebec, including government incentives, tax credits, and financial assistance programs for first-time homebuyers. The information is not only detailed but also practical, offering insights into the calculations and processes involved in these programs.
