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.
• 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.
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