Ontario Government Programs For First Time Home Buyers
The Ontario government wants people to move here, invest in real estate, and contribute to the economy. To accomplish this, the government has provided many government programs to help first-time home buyers. Most of the Realtors may not be aware of all these programs. One can save lot of money…
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First-Time Home Buyers' Tax Credit (HBTC)
This federal non-refundable income tax credit is for qualifying buyers of detached, attached, apartment condominiums, mobile homes or shares in a cooperative housing corporation. The calculation: multiply the lowest personal income tax rate for the year (15% in 2011) x $5,000. For the 2011 tax year, the maximum credit is $750.
Canada Revenue Agency
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First-Time Home Buyers’ Tax Credit
First-time home buyers may be eligible for a 15 per-cent income tax credit for closing costs.
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