First time home buyer's may be eligible for a 15% tax credit for closing costs. For 2009 and subsequent years, the Home buyers tax credit, a new non-refundable tax credit, based on an amount of $5000.00, for certain home buyers that acquire a qualifying home after January 27th, 2009.

The Home buyers tax credit is calculated by multiplying the lowest personal income tax rate for the year (15% in 2009) by $5000.00
For 2009, the credit will be $750.00.

You will qualify for the HBTC if:

you and your spouse or common-law partner acquire a qulifying home and you did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years. For further information www.cra-arc.gc.ca/gncy/bdgt/2009/fqhbtc-eng.html