First-Time Home Buyers’ Tax Credit for Closing Costs

 Program

 First-time home buyers may be eligible for a 15 per-cent income tax credit for closing costs.

 Details

 • To assist first-time home buyers with the costs related to the purchase of a home.

 • The First-Time Home Buyers’ Credit (FTHBC) provides a 15 percent credit on a maximum of $5,000 of home purchase costs (e.g. legal fees, land transfer 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.

 • An individual will be considered a first-time home buyer if neither the individual nor the individual’s spouse or common-law partner owned and lived in another home in the calendar year of the home purchase or in any of the four preceding calendar years.

 Information provided by www.torontorealestateboard.com

 For more information contact Service Canada at 1-800-622-6232 or visit www.fin.gc.

If you are a First Time Home Buyer and need professional guidance I would be pleased to help, and the good news is that it wont cost you anything. If you are looking to buy a home or condo in Mississauga please give me a call or email me.

Are you looking for a Mississauga Realtor who can help you sell your home quickly? Are you looking for someone to help you find your dream home? If you answered 'yes' to either of these questions, please call John Morrison at Right At Home Realty Inc. who is in the business of making your home buying and selling dreams come true. Please call me on my cell at 416-568-2414.