Quebec is also increasing its tax credit for the purchase of a first home.
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Quebec is introducing new incentives to help people buy their first homes, Finance Minister Eric Girard announced Thursday.
Girard said Quebec will harmonize its programs with those put in place by the federal government in its last budget, including the Tax-Free First Home Savings Account, which will take effect in 2023.
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The province will also increase the tax credit for a first home, which will increase to up to $1,500 from $750. About 70,000 first home buyers will be able to take advantage of the tax credit each year.
A federal provision to limit flipping by taxing capital gains on homes sold within 12 months of acquisition will also be applied by the province, it announced.
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