First-time home buyers may be eligible for a 15 per-cent income tax credit for closing costs.
- 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.
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PS: It’s here. The Fall Real Estate Market is in full swing and things are really heating up. Perhaps in the next few weeks you’ll talk with a friend or family member who mentions that they want to take advantage of the active “Fall Market” and when you do, please feel comfortable introducing them to me so I can give them the best advice on how to best approach this very active and competitive market.
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