I had a debate with a realtor friend the other day....
If you are a first time homebuyer and buying a home in TORONTO, there's a substantial land transfer tax rebate available (up to $5,750, depending on the purchase price). The question is....how is this rebate obtained?
Do "first timers" have to front the entire land transfer tax amount, and then apply and wait for the rebate? Coming up with an extra $5,750 at the time of closing can be difficult, especially for a young couple buying their first home. When and how is the application for rebate submitted? Is it done at income tax time? Are the forms daunting? Are the delays substantial?
For fear of changing the topic....when shopping around for a lawyer, seeking out the lowest fee, many don't even think of asking if the lawyer's service (and fee) includes preparation and submission of the rebate forms. In fact, if your lawyer knows what she is doing, said rebate can be automatic and instant.
Bottom line with respect to the Toronto land transfer tax rebate....if your lawyer is on the ball, there are no forms to submit, no deadlines to meet, and "first timers" don't need to front the $5,750. The rebate can be instant.
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