The proposed measure to extend the refund of land transfer tax to first-time buyers of resale homes has now received royal assent and became law on May 14th, 2008.
Under this program, first-time homebuyers of resale homes with agreements of purchase and sale entered into after December 13, 2007 can qualify for a refund of up to $2,000.00 of the land transfer tax paid.
Requirements to qualify for a refund include:
The purchaser must be at least 18 years of age.
Applications for a refund must be made within 18 months after the date of conveyance or disposition.
The purchaser must occupy the home as his or her principal residence within 9 months of the date of the conveyance or disposition.
The purchaser cannot have previously owned a home or had any ownership interest in a home, anywhere in the world.
A spouse of the purchaser cannot have owned a home or had any ownership interest in a home, anywhere in the world while he or she was the purchaser’s spouse.
Use this chart to easily calculate land transfer tax due on a purchase.
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