Land Transfer Tax Refund for First-Time Home Buyers

In Ontario, first-time home buyers may be eligible for a refund of land transfer taxes to a maximum of $2,000.  The refund can be claimed at the time of registration to offset the tax ordinarily payable at the time or, buyers can claim their refund directly from the Ontario Ministry of Revenue if they do so within 18 months of their purchase.  To qualify, you must meet the following criteria:

• you are at least 18 years of age;
• you occupy the home as your principal residence within 9 months of after the date of transfer; and
• you have not 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.

More details and applications can be found on the Ontario Ministry of Revenue website.

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About Marg

is an award-winning real estate Broker who has successfully been helping people move since 1989. When it’s time for a move in or out of a bigger, smaller, better, more expensive, less expensive, newer, older, house, condo, farm, investment property, vacant lot or business, talk to Marg.

This entry was posted by Marg on Thursday, July 29th, 2010 at 5:55 am and is filed under Buying Real Estate, Local News and Current Events, Money Matters. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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