Cool First Time Home Buyer Tax Credit Montreal Ideas. You must have one child under 18. The tax credit is equal to 10% of a home’s purchase price but cannot be more than $15,000.

This results in a tax credit of $750 (calculated by multiplying. Its intentions are to help first time buyers cover costs associated with purchasing a home. The tax credit is equal to 10% of a home’s purchase price but cannot be more than $15,000.