First Time Buyers
Buying your first home is a significant and life-changing decision. As your representative who has your best interests in mind, I would like to bring to your attention the First-Time Home Buyers’ Tax Credit.
The First-Time Home Buyer’s Credit (FTHBC) is a government program designed for buyers like you, aimed at reducing the costs associated with purchasing a home. As a first-time buyer, you can receive a 15% income tax credit on up to $5,000 of home purchase costs, including legal fees and land transfer taxes. This credit can be claimed for the taxation year in which you acquired the house.
To be eligible for the credit, you must be considered a first-time buyer, which means neither you nor your spouse or common-law partner has owned and lived in another home in the year of the purchase or in any of the four previous years.