Canada's Economic Action Plan - First Time Home Buyers' Tax Credit.

Here is the summary of the program:

• The HBTC will assist first-time homebuyers with the costs associated with the purchase of a home, such as legal fees, disbursements and land transfer taxes.
• First-time homebuyers purchasing a home will be able to claim the HBTC on their income tax returns, starting in 2009. Claimants should ensure that documentation supporting the purchase transaction is available if requested by the Canada Revenue Agency.
• Definition of a First-Time Home Buyer - An individual is considered a first-time homebuyer if neither the individual nor the individual's spouse or common-law partner owned and lived in another home in the year of the home purchase or in any of the four preceding calendar years.
• A qualifying home is generally considered to be a housing unit located in Canada that the individual or individual's spouse or common-law partner intends to occupy as the principal place of residence no later than one year after its acquisition.
• The $5,000 non-refundable BHTC amount will apply to qualifying homes acquired after January27, 2009, and will provide up to $750 in federal tax relief.
• The HBTC is calculated by multiplying the lowest personal income tax rate for the year (15% in 2009) by $5,000. For 2009, the credit will be $750.
• Any unused portion of an individual's HBTC may be claimed by the individual's spouse or common-law partner. When two or more eligible individuals jointly purchase a home, the credit may be shared but the total credit amount claimed cannot exceed $5,000.