Did you buy your first home.
You could be entitled to a $5000 tax credit!
The costs associated with purchasing a home, such as legal fees, disbursements and land transfer taxes, can be a particular burden for first-time homebuyers who must pay these costs, as well as save money for a down payment.
If you've taken a leap into the real estate market, you may be able to claim up to $5,000 on your taxes.
The First-Time Homebuyer Credit is a non-refundable tax credit that reduces the amount of taxes you owe.
If you buy a property with friends, your spouse or anyone else, you can all potentially claim the credit as long as everyone qualifies — but the total claim amount can't exceed $5,000 for one property.
To assist first-time homebuyers with the costs associated with the purchase of a home, the Government of Canada introduced a FTHB Tax Credit in 2009 — a $5,000 non-refundable income tax credit amount on a qualifying home acquired after January 27, 2009. For an eligible individual, the credit will provide up to $750 in federal tax relief starting in 2009.