First-Time Home Buyers’ Tax Credi

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.