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The costs associated with purchasing a home, such as legal fees, disbursements and land transfer taxes, can be a particular burden for first-time homebuyers who must pay these costs, as well as save money for a down payment. To assist first-time homebuyers with the costs associated with the purchase of a home, the Government of Canada introduced a FTHB Tax Credit in 2009 — a $5,000 non-refundable income tax credit amount on a qualifying home acquired after January 27, 2009. For an eligible individual, the credit will provide up to $750 in federal tax relief.
For more information, see the Canada Revenue Agency <a href="http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhbtc-eng.html">website</a> or call 1-800-O-Canada.
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