Purchasing a home, especially your first, is a big decision and a major financial commitment. But did you know that Canada’s Economic Action Plan (EAP) can help with the First-Time Home Buyers’ Tax Credit (HBTC)?
The HBTC assists first-time home buyers with the related costs, such as legal fees, disbursements and land transfer taxes, which are a particular burden for first-time home buyers who must also save for a down payment. If you qualify, you may claim up to $5,000 on your Income Tax Return.
You may also be eligible for the HBTC if you purchase a home that is more accessible or better suited to the personal needs and care of an individual who is eligible for the Disability Tax Credit.
Watch the video below to find out if you are eligible to claim the HBTC non-refundable tax credit.
Read all about the HBTC initiative to find out more.
Click here to browse other EAP initiatives and programs that support families and individuals.