Tis the season for tax time. Owning a home is a major financial decision but did you know that as a first time home buyer you can receive a credit on the purchase of a home? Canada’s Economic Action plan assists first time buyers with the costs associated with the purchase of a home such as legal fees, disbursements, and land transfer tax.
The $5,000 non-refundable tax credit applies to qualifying homes (must be primary residence) and provides up to $750 in federal tax relief for first time buyers (in case of a couple, both parties must be first time buyers).
Watch the video below for further explanation.
If you are interested in buying a home in Saskatoon or have questions about ways to save money as a first time buyer, please contact me and I’d be more than happy to help!
Saskatoon real estate agent
Century 21 Fusion