First-Time Home Buyers’ Tax Credit

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Program

First-time home buyers may be eligible for a 15 per-cent income tax credit for closing costs.

Details

  • 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.
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