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
• 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.