We mentioned a couple of goodies in our February 22, 2012 for first-time homebuyers including using RRSP's to buy a home, the property transfer tax exemptions and tax credits.   

There are actually 2 different tax credits, so we wanted to make sure you knew the difference and had all the information to maximize your credits:

• BC's First-Time New Home Buyers' Bonus - the tax credit is up to 5% of the purchase price or if you are building, land and construction costs, up to a maximum of $10,000!  You can find more information, including the forms with on the BC Government website.
• CRA's First-Time Home Buyers' Credit - this tax credit, which is claimed on line 369 of your income tax return, is up to $750.  You can find more information including a video on the CRA website.

First-Time HomeBuyer's Checklist:

1. RRSP - talk to your bank or financial institution
2. Property Transfer Tax - check to see if you qualify and then let your lawyer know that you're a first-time homebuyer so that the proper forms can be prepared for you to sign
3. BC's Bonus - fill out the application form on the BC Government website
4. CRA's Credit - talk to your accountant about claiming the credit on line 369 of your tax return