First-Time Byuers' Tax Credit Program First-time home buyers may be  eligible for a 15 percent income tax credit for  closing costs. Details • To assist first-time home buyers with the costs related to the purchase of a home. • The First-Time Home Buyers’ Credit (FTHBC) provides a 15 percent credit on a maximum of $5,000 of home purchase costs (e.g. legal fees, land transfer taxes, etc.), meaning maximum tax relief of $750. • Applicable to first-time... [read more]