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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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.
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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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