First Time Buyers
Purchasing a house is an essential and a great decision of one’s life. Hence, being someone who will represent you, I would always look out for your best interest. Therefore, I would love to present to you the First-Time Home Buyers’ Tax Credit.
A government program, the First-Time Home Buyer’s Credit (FTHBC) is aimed towards buyers similar to you. The mission is to lower the expenses when it comes to buying a house. When purchasing the house for the first time, you are qualified for a 15% income tax credit on a maximum of $5,000 of house costs such as land transfer taxes and legal fees. The taxation year when you obtained the house is when it can be claimed for.
If neither you nor your significant other or common-law partner has lived or possessed another house within the year of the purchase or in any of the previous four years, then you are believed to be a first time purchaser.