First Time Buyer? A Key Tax Credit Applies to Condos Too

Are you in the market for a new condo?

If you’re buying your first home, take advantage of the Home Buyers Tax Credit (HBTC).

The credit is designed to assist first-time home buyers 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.

^{* For more information, visit the Action Plan website atwww.actionplan.gc.ca/en/initiative/first-time-home-buyers-tax-credit}