First-Time Home Buyer Incentives in Québec 2024

Quebec First-Time Home Buyer Incentive

The Government of Quebec's Home Buyers' Tax Credit gives a maximum tax credit of $1,400 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 $1,400 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 allows you to claim $10,000 for first-time home buyers. This is equivalent to a maximum benefit of $1,500 for Quebec residents, and is on top of the provincial $1,400 benefit. For more information on federal first-time home buyer incentives and programs, visit our first-time home buyers page.

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:

1. 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.
2. Multiply this number by 15%. Non-refundable tax credits are claimed at 15%.
3. Add this number to lines 391 and 397. These are tax credits for career extensions and tax credits for union, professional, and other dues.
4. 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 $1,400. 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 $1,400 in taxes, then your tax credit will be $1,400. 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 $1,400 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 up to $15,000 or 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

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 $370,000 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 $150,000. 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 $300,000.

With a $16,500 down payment loan, you will only need to borrow a mortgage of $283,500.

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 $400,000.

Even though you initially only borrowed $16,500, you will need to pay back $22,000. There is no interest charged, but in return, your down payment loan is tied to the value of your home.