Land Transfer Tax Refund for First-Time Home Buyers

Land Transfer Tax applies to all transfers of land in Ontario. First-time homebuyers may be eligible for a refund of all or part of the tax. For agreements of purchase and sale entered into before December 14, 2007, the refund only applies on the purchase of a newly constructed home. For agreements of purchase and sale entered into after December 13, 2007, the refund applies to all homes, whether newly constructed or resale. How much is the Refund? The maximum amount of the refund is $2,000. If the refund is claimed at time of registration, it may offset the land transfer tax ordinarily payable. If not claimed at registration, the refund may be claimed directly from the Ministry of Revenue. No interest is paid on this refund. Who Qualifies? To claim a refund, you: must be at least 18 years of age; must occupy the home as your principal residence within 9 months of after the date of transfer; and cannot have owned a home, or an interest in a home, anywhere in the world. In addition: 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. My website: www.greatgtahomes.com