First-time home buyers are now eligible to get $4,000 off the Canadian dream!
New Ontario LTT Rebate
Effective January 1st, 2017, Ontario has doubled the land transfer tax rebate for first-time home buyers from $2,000 to $4,000. That means that a first-time home buyer will pay no provincial tax on homes sold for $368,000 or less.
When you buy land or an interest in land in Ontario, you pay land transfer tax. First-time homebuyers of an eligible home may be eligible for a refund of all or part of the tax.
To claim a refund, you must be at least 18 years of age, you cannot have owned a home or an interest in a home anywhere in the world, and your spouse cannot have owned a home or interest in a home, anywhere in the world while he or she was your spouse. Previous ownership in a home means you do not qualify for the land transfer tax first-time homebuyers refund. The method of acquiring the home (e.g., purchase, gift or through an inheritance) is not relevant.
Check out this informative video:
Home ownership is part of the Canadian Dream. It’s a source of financial security, drives economic activity and binds communities together. The benefits of home ownership are why OREA fights so hard to protect it and make it more affordable for young families.
Learn more here: Land Transfer Tax