First-Time Home Buyer's Tax Credit (HBTC) is a government program geared towards first time home buyers. 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.
You can click here for detailed information regarding the First Time Home Buyers Tax Credit, or fill out the form on this page if you need clarification or have any questions.
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