Program

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

Details

• To assist first-time homebuyers with the costs related to the purchase of a home.
• The First-Time Home Buyers’ Credit (FTHBC) provides a 15 per cent credit on a maximum of $5,000 of home purchase costs (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.
• Buyers can claim the FTHBC for the taxation year in which the home is acquired.
• An individual qualifies as a first-time homebuyer if neither the individual nor the individual’s spouse or common-law partner owned and lived in another home in the calendar year of the home purchase or in any of the four preceding calendar years.

For more information, contact Service Canada at 1-800-622-6232