Buying a home for the first time is a big and important decision in your life. As someone who represents you and looks out for your best interest, I would like to introduce you to the First-Time Home Buyers’ Tax Credit.

First-Time Home Buyer’s Credit (FTHBC) is a government program geared towards buyers like you. The objective is to reduce costs associated with purchasing a home. As a first time buyer, you are eligible for an income tax credit on a maximum of $10,000 of home purchase costs such as legal fees and land transfer taxes. It can be claimed for the taxation year that you purchased the home. The credit can be claimed in any combination of the buyers on title (all for one buyer, or split between the buyers in any amounts)

You are considered to be a first time buyer if neither you and your spouse or common-law partner lives in a home owned by you or your partner in the last 5 years.​​​​​​​

It can be claimed at the time you file your taxes. Advise your accountant at the time of filing, or seek out the appropriate sections in your tax reporting software.