First-Time Homebuyer’s Tax Credit
Homebuyers who have not owned a home within the last four years may be eligible for the first-time homebuyers tax credit through the Government of Canada’s Economic Action plan. The credit is based on $5,000 multiplied by the lowest federal income tax rate for that year. For example, the lowest federal income tax rate for 2015 is 15 per cent, so the value of the credit would be $750. You can learn more about the first time homebuyer’s tax credit on the Economic Action Plan website.
- See more at: http://homeownership.ca/dreaming-of-homeownership/benefits-for-first-time-home-buyers/cost-savings-programs-for-first-time-homebuyers/#sthash.OIcaIMt8.dpuf