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Are you excited to purchase your first home? You should be! It marks the beginning of a new chapter in life and is one of the biggest purchases you will make in life. You should also be excited to know that the federal government introduced the First-Time Home Buyers’ Tax Credit as part of “Canada’s Economic Plan” in 2009 to help Canadians in purchasing their first home. The following link provides more details:\u00a0First Time Home Buyer’s Tax Credit<\/a><\/p>\n Some provinces and cities also have tax credits open to first time home buyers to attract them to their city.<\/p>\n The City of Toronto has a Municipal Land Transfer Tax where first time home buyers may receive a rebate of up to $3,725. More information can be found at:\u00a0City of Toronto Land Transfer Tax.<\/a><\/p>\n The Government of British Columbia and Nova Scotia also offers programs for first time home buyers.<\/p>\n More information can be found at: A tax credit of $5000 multiplied by the lowest federal income tax rate for the year, is available as a non-refundable tax credit. In 2013, the lowest rate is 15 percent so the HBTC available is $750. This is presently available to all first time owners. The tax credit must be claimed on your income tax under\u00a0line 369<\/strong>\u00a0on your tax return of the year you purchased your home.<\/p>\n You must meet the following requirements to be eligible:<\/p>\n Your home must meet the following requirements to be eligible:<\/p>\n
\nFirst Time Home Buyers Credit- BC<\/a>\u00a0and\u00a0First Time Home Buyers Rebate – Nova Scotia<\/a><\/p>\nCanada Wide First-Time Home Buyers’ Tax Credit (HBTC)<\/strong><\/h3>\n
Are you eligible?<\/strong><\/h3>\n
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