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20 Mar

First-Time Home Buyers’ Tax Credit…$750


Posted by: Karen Boies

Thank you for stopping by!

It is time to file your income tax, I wanted to remind everyone who was a First Time Home Buyer,  (since 2009) and has not claimed their FTHB rebate  of up to $750.00, that you might be entitled to some cash back $$$!

As a first time home buyer you are able to apply for a grant under the Government of Canada Action Plan. It is a rebate you get when you file your income tax, because you bought an owner occupied home and you were a first time home buyer.

The details can be found on the Government of Canada website,      

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.

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. A qualifying home is one that is currently eligible for the Home Buyers’ Plan that the individual or individual’s spouse or common-law partner intends to occupy as the principal place of residence not later than one year after its acquisition.

When you file your income tax, be sure to get your credit of up to $750.00

Additional Home Owners Grants and Rebates

You might want to check out this site for further home owner grants and rebates.

Please feel comfortable sharing this message with your friends or co-workers who have bought since 2009 as a first time home buyer and might not have applied for their credit, or new people looking to buy and will find this information helpful.

Please let me know if you have any questions, I am happy to help, 604-726-9550

All the best,

Karen Boies

Mortgage Planner