Land Transfer Tax Refund for First-Time Home Buyers

Land Transfer Tax Refund for First-Time Home Buyers

First-time homebuyers may be eligible for a refund of all or part of the tax. The maximum amount of the refund is $2,000. If the refund is claimed at time of registration, it may offset the land transfer tax ordinarily payable. If not claimed at registration, the refund may be claimed directly from the Ministry of Revenue.

To claim a refund, you: must be at least 18 years of age;  must occupy the home as your principal residence within 9 months of after the date of transfer; and cannot have owned a home, or an interest in a home, anywhere in the world.  In addition: your spouse cannot have owned a home, or an interest in a home, anywhere in the world while being your spouse; and  in the case of a newly constructed home, you must be entitled to a Tarion New Home Warranty.  Applications for a refund must be made within 18 months after the date of the transfer.

For more information please see the links below:

http://www.rev.gov.on.ca/english/bulletins/ltt/1_2008.html

http://www.rev.gov.on.ca/english/refund/newhome/   

Trish Mills

Trish Mills

Sales Representative
CENTURY 21 Millennium Inc., Brokerage*
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