First Time Home Buyer's Tax Credit

First Time Home Buyers may be eligible for a 15% Income Tax Credit for closing costs. The first-time Home Buyers Tax Credit (HBTC) provides a 15% credit on a maximum of $5000 of home purchase costs (i.e. lawyer fee, land transfer tax etc) which amounts to a maximum of $750 in tax relief.

You can claim this Home Buyers Tax Credit in the same taxation year that you bought the home. Note: This is applicable to First Time Home Buyers who purchased a home and the closing was after January 27, 2009.

Either you, your spouse/common-law partner or if you bought a property with a friend can claim the $750 or can share the credit. However, the total of your combined claims cannot exceed $750.

You are eligible for the First Time Home Buyer Tax Credit if neither you nor your spouse/common-law partner owned or lived in a home in the calendar year you purchased this home and or in any of the four preceding years. For more information on First Time Home Buyers Tax Credit please click here.