The First Time Home Buyers’ Tax Credit

April 8th, 2014 by

First-time home buyers who buy a home as their principal residence are entitled to a First Time buyer Tax Credit of 15% of the closing costs to a maximum of $750.00. It can be claimed by the buyers in their income tax return filed for the taxation year in which the property was purchased. When there is more than one buyer the credit is shared among them.

For more information on tax credit, please contact Toronto residential real estate lawyer Robert Adourian at 416-446-3303.


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