The Law Office of Colina King
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First Time Home Buyers Tax Credit

First-time home buyers who  close a purchase AFTER January 27, 2009 may be eligible for at 15 percent income  tax credit for closing costs.

 Details
  • To assist first-time home  buyers with the costs related to the purchase of a home.
  • The First-Time Home Buyers' Credit (FTHBC) provides a 15 percent 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.
  • The FTHBC is claimable for  the taxation year in which the home is acquired.
  • An individual will be considered a first-time home buyer 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 1-800-662-6232.

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