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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When it’s time to buy or sell real estate in the Collingwood, Blue Mountain or Georgian Triangle area, contact Marg, an experienced and competent Broker who’s ready whenever you are!
Marg Scheben-Edey is a Broker with RE/MAX four seasons realty limited, Brokerage in beautiful Collingwood, ON. With three decades of experience, Marg is a leader in the local real estate marketplace and is ready to help guide both Buyers and Sellers in achieving their real estate goals. Email Marg