First Time Home Owners Tax Credit

Program

First-time home buyers may be eligible for a 15 per-cent income tax credit for closing costs.

Details

• To assist first-time home buyers • An individual will be considered with the costs related to the a first-time home buyer if neither purchase of a home. the individual nor the individual’s spouse or common-law partner

• The First-Time Home Buyers’ owned and lived in another Credit (FTHBC) provides a 15 home in the calendar year of the percent credit on a maximum of home purchase or in any of the $5,000 of home purchase costs four preceding calendar years.

(e.g. legal fees, land transfer taxes, etc.), meaning maximum tax relief of $750.

Applicable to first-time buyers purchasing a home closing after January 27, 2009.

The FTHBC is claimable for the taxation year in which the home is acquired.

For more information, contact Service Canada at 1-800-662-6232 or visit www.fin.gc.ca