Did you know that First Time Home Buyer's 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 (e.g. legal 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 a home in the calendar year you purchased this home and or in any of the four preceding years.

For more information on the program click here.