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First-Time Home Buyers’ Tax Credit - TRREB - first home buyers tax credit
Government Programs and Regulations
First-Time Home Buyers' Tax Credit
Program First-time home
First-time home buyers may be eligible for a 15 per-cent income tax credit buyers may be
for closing costs. eligible for a 15
percent income
Details tax credit for
? To assist first-time home buyers ? An individual will be considered closing costs.
with the costs related to the a first-time home buyer if neither
purchase of a home. the individual nor the individual's
? The First-Time Home Buyers' spouse or common-law partner
Credit (FTHBC) provides a 15 owned and lived in another
percent credit on a maximum of home in the calendar year of the
$5,000 of home purchase costs home purchase or in any of the
(e.g. legal fees, land transfer four preceding calendar years.
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.
For more information contact Service Canada at 1-800-622-6232
or visit www.fin.gc.ca
1400 Don Mills Road, Toronto, Ontario ? M3B 3N1 ? Tel: (416) 443-8100 ? Fax: (416) 443-8129
02/09
Can you still get a first time home buyer tax credit? Reps. Earl Blumenauer and Jimmy Panetta introduced the First-Time Homebuyer Act in the House in late April. The bill, which closely resembles what Biden proposed during his campaign, would create a refundable tax credit worth up to 10 percent of the purchase price, or $15,000, for the purchase of a home.
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