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First Time Home Owners Tax Credit
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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.
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Applicable to first-time buyers purchasing a home
closing after January 27, 2009.
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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
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