Carl Phin & Kim McLeod

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...

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By Jane Cardillo, Postmedia News

Clay Simpson is pretty pumped and a little nervous about his new purchase — a $300,000 duplex in south Edmonton.

The 26-year-old, who graduated as a machinist from the Northern Alberta Institute of Technology last spring, recently took possession of the 1,100-square-foot home.

"It's definitely stressful," he says of his decision to buy what will likely be one of the most expensive items he ever owns.

But making it a little easier was the knowledge that he'll pay about $1,400 monthly on his mortgage, a rate he describes as afford-able.

"It's just myself buying this place," Simpson says. "So unless you were with a spouse or somebody else in on the house, interest rates would have to be low for you to be able to afford it."

Interest rates are sitting at historic lows, making it a great time to step into the home-buying market, say housing experts like Sandra Young.

"Interest rates directly affect afford-ability and the interest rates look like they're...

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