First Time Buyer Tax Credit
Now that its tax time don't forget if you bought a home this past year to claim the First Time Home Buyer tax credit. What is FTHB tac credit you ask?
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 starting in 2009.
This is an ongoing tax refund, so if you missed out for the past tax year... don't worry it will still apply to home purchased this year.