First Time Home Buyers

When you purchase land in Ontario, you are required to pay land transfer tax. The exception to this occurs if qualify as a First Time Home Buyer. If so, you are eligible for a refund of all or part of the tax. ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ In order to qualify as a First Time Home Buyer, you must meet the following requirements: ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ ➡️ You must be at least 18 years old; ⠀

⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ ➡️ You must occupy the home as your principal residence within 9 months of the date of transfer; ⠀⠀⠀

Buyer. In this case, the refund will be proportionate to the interest acquired by the individuals who qualify for the refund. ⠀⠀⠀u received the property as a gift, purchase, or as an inheritance); ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ ➡️ Your spouse cannot have owned a home or interest in a home anywhere in the world while he or she was your spouse; and ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ ➡️ You must be a Canadian Citizen or Permanent Resident of Canada. ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ Beginning January 1, 2017, the maximum refund a qualifying buyer may receive is $4,000.00. In other words, you do not pay the Ontario land transfer tax on the first $368,000.00 of the purchase price. ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ NOTE: ✔The rebate must be applied for within 18 months of the purchase. ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ ✔ The refund will also be reduced if one or more of the purchasers is not a First Time Home Buyer. In this case, the refund will be proportionate to the interest acquired by the individuals who qualify for the refund. ⠀⠀

⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ If you need assistance, please feel free to call. We would be glad to help.