First-Time Home Buyers’ Tax Credit

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First-Time Home Buyers’ Tax Credit

Post: # 4693Post Flipping4Profit.ca
Tue Jul 24, 2012 4:48 pm

First-Time Home Buyers’ 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
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
or visit http://www.fin.gc.ca



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