Yesterday, the provincial government announced a one-time refundable income tax credit first-time home buyers who purchase a newly constructed home, effective yesterday, February 21, 2012 through to March 31, 2013.
The credit is calculated as five per cent of the purchase price of the home up to a maximum of $10000, and includes detached houses, duplexes, townhouses, condos, mobile homes, floating homes and cooperative housing units where the HST is now payable. Only one credit can be claimed per home and the credit will be reduced for high income individuals and families.
Full details are available here.
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