At current taxation rates, the FTHB credit works out to a rebate of $750 for all first-time buyers. After you buy your first home, the credit must be claimed within the year of purchase, and is non-refundable. In addition, the home you buy must qualify. If you are buying a home with a spouse, partner or friend, the combined claim cannot exceed $750. Visit www.cra-arc.gc.ca and www.fin.gc.ca for additional information.