If you are a first time home buyer in the province of Ontario you are eligible to receive a rebate on the provincial Land Transfer Tax that you pay. If you happen to also live in Toronto you, unfortunately, have to pay an additional Land Transfer Tax but, fortunately, as a first time home buyer you are also eligible to receive a rebate on the Toronto Land Transfer Tax. Unsure whether you qualify or not? Check out the criteria below. If you need additional information, give me a call, I’d be happy to help.
Land Transfer Tax: Criteria to qualify for rebates
- The purchaser must be at least 18 years of age.
- The purchaser must occupy the home as his or her principal residence. This must happen no later than nine months after the date of the conveyance of disposition.
- The purchaser cannot have previously owned a home or had any ownership interest in a home, anywhere in the world, at any time.
- If the purchaser has a spouse, the spouse 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. If this is the case, NO refund is available to either spouse. Note: If a purchaser’s spouse owned an interest in a home BEFORE becoming the purchaser’s spouse, but not while the purchaser’s spouse, the purchaser may be eligible for some rebate.
It’s always a great idea to check with both the Province or the City to find out if you qualify or these rebates. Here are the numbers to call:
- Provincial Land Transfer Tax: Ontario Ministry of Finance 1-800-263-7965
- Toronto Land Transfer Tax: City of Toronto 416-338-0338