We would like to introduce you to the First-Time Home Buyers’ Tax Credit.

First-Time Home Buyer’s Credit (FTHBC) is a government program geared towards buyers like you. The objective is to reduce costs associated with purchasing a home. As a first time buyer, you are eligible for a 15% income tax credit on a maximum of $5,000 of home purchase costs such as legal fees and land transfer taxes. It can be claimed for the taxation year that you acquired the house.

You are considered to be a first time buyer if neither you and your spouse or common-law partner has owned and lived in another home in the year of the purchase or in any of the four previous years.  

Upto 50k GST Relief

New Homes Purchased from a Builder

The FTHB GST Rebate would allow an individual to recover up to $50,000 of the GST (or the federal part of the HST) paid in respect of a new home purchased from a builder (including on leased land).

To qualify for a FTHB GST Rebate, at least one of the purchasers of the home would need to be a “first-time home buyer” that is acquiring the new home for use as their primary place of residence. That individual would also need to be the first individual to occupy the home as a place of residence.

The FTHB GST Rebate would generally be available if:

• the agreement of purchase and sale for the home is entered into with the builder on or after May 27, 2025 and before 2031; and
• construction of the home begins before 2031 and the home is substantially completed before 2036.