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FIRST-TIME HOME BUYERS’ TAX CREDIT (CANADA)
First-time home buyers can offset ancillary costs (e.g., legal fees, land transfer taxes, disbursements) by applying for a tax credit when filing an income tax return. The HBTC allows applicants to claim a non-refundable tax credit of up to $5,000, which translates into as much as $750 in savings. Check the Canada Revenue Agency website to confirm eligibility.
