Government Programs and Regulations
[Pages:1]Government Programs and Regulations
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
? An individual will be considered a
? To assist first-time home buyers
first-time home buyer if neither
with the costs related to the
the individual nor the individual's
purchase of a home.
spouse or common-law partner
owned and lived in another home
? The First-Time Home Buyers'
in the calendar year of the home
Credit (FTHBC) provides a 15
purchase or in any of the four
percent credit on a maximum of
preceding calendar years.
$5,000 of home purchase costs
(e.g. legal fees, land transfer taxes,
etc.), meaning maximum tax relief
of $750.
First-time home buyers may be eligible for a 15 percent income tax credit for closing costs.
? 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.
For more information contact Service Canada at 1-800-622-6232 or visit
1400 Don Mills Road, Toronto, Ontario ? M3B 3N1 ? Tel: (416) 443-8100 ? Fax: (416) 443-9703
08/20
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