Did you know? - First-time Buyer Tax Credit

Did you know? - First Time Buyer Credit

Buying land or an interest in land in Ontario requires you pay land transfer tax. First-time homebuyers may be eligible for a refund of all or part of this tax. To be eligible for the First-time Buyer Tax Credit you need to be 1) 18 years of age, 2) Cannot have owned a home or interest in a home anywhere in the world (this applies to your spouse as well). Essentially, if you qualify, no land transfer tax would be paid on the first $368,000 of a home purchase to a maximum refund of $4,000). You can find out additional information at: http://www.fin.gov.on.ca/en/bulletins/ltt/1_2008.html

Andrew McCrea

Andrew McCrea

Sales Representative
CENTURY 21 United Realty Inc., Brokerage*
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