Home Ownership Incentive

Home Buyer Tax Credit

The Government of Canada offers a non-refundable tax credit to help first-time buyers with some of their closing costs.  This Home Buyer Tax Credit (HBTC) will provide up to $750 in tax relief on the purchase of a first home.  The HBTC is calculated by multiplying the lowest personal income tax rate for the year (15 per cent in 2009) by $5,000.  For 2009, the credit will be $750. 

To qualify for the HBTC, an individual must purchase a qualifying home and neither the homebuyer or the homebuyer’s spouse or common-law partner can have owned and lived in another home in the year of purchase or any of the four preceding years.

Debbie Howell

Debbie Howell

Sales Representative
CENTURY 21 Millennium Inc., Brokerage*
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