Are you in the market for your first home?
Or, with historically low interest rates and lots of selection to choose from, are you thinking about taking the (smart) step from renting to owning?
If so, then I’ve got some fantastic news for you that will put a smile on your face – it’s called the First Time Home Buyers Tax Credit (HBTC).
Launched by the Federal Government in 2008, the HBTC gives qualifying first time home buyers a non-refundable tax credit based on an amount of $5,000. The exact amount of the tax credit depends on the tax year’s lowest personal income tax rate.
For example, in 2009, this amount was 15%, which meant that qualifying first time home buyers received a tax credit of $750 (15% x $5000). In 2010, the…
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