$5,000 Federal Tax Credit Available for First-Time Homebuyers!
By Robert Russo, Mortgage Consultant for INVIS
If you’re buying your first home, don’t miss your opportunity to take advantage of the Home Buyers Tax Credit (HBTC) offered by the Government of Canada.
This credit is designed to assist first-time homebuyers with the extra costs associated with buying a home, like legal fees, disbursements and land transfer taxes.
The $5,000 non-refundable HBTC amount provides up to $750 in federal tax relief. You qualify if neither you nor your spouse (or common-law partner) have owned and lived in another home for the past five years.
If you have a disability – or are purchasing the home for a relative with a disability – you may also qualify for the program, even if you are not a first-time buyer.
Robert Russo is a Mortgage Consultant located in Kelowna, BC. He is not an employee nor an affiliate of Mission Group.