Saskatoon Real Estate News March 20, 2014

First time home buyers tax credit

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!


Kari Calder

Saskatoon real estate agent

Century 21 Fusion