Buying your very first home is one of life’s biggest thrills, but it comes with a few chills, As someone who represents you and looks out for your best interest, I would like to introduce you to the First-Time Home Buyers’ Tax Credit.
First-Time Home Buyer’s Credit (FTHBC) is a government program geared towards buyers like you. The objective is to reduce costs associated with purchasing a home. As a first time buyer, you are eligible for a 15% income tax credit on a maximum of $5,000 of home purchase costs such as legal fees and land transfer taxes. It can be claimed for the taxation year that you acquired the house.
You are considered to be a first time buyer if neither you and your spouse or common-law partner has owned and lived in another home in the year of the purchase or in any of the four previous years.
7 questions to ask before buying a home
- What’s my total budget?
- Is my financial house in order?
- What kind of mortgage should I get?
- What are all the costs due at closing?
- What’s the history of the house?
- How much should I offer?
- How can I make my offer stand out?