WHAT IS THE FIRST TIME HOME BUYERS TAX CREDIT?
- First time home buyers who purchase a qualifying home can claim a non-refundable tax credit of up to $750 for the year of purchase.
- This value is calculated by multiplying $5,000 by the lowest personal income tax rate (15% in 2022).
- Currently, the proposed change is $10,000, otherwise resulting in a $1,500 credit.