First-time buyers of resale homes to benefit from new tax measure

ONTARIO EXPANDS LAND TRANSFER TAX REFUND PROGRAM

First-time buyers of resale homes to benefit from new tax measure

The Ontario government is giving all first-time homebuyers a break on land transfer tax by proposing to expand the Land Transfer Tax Refund Program to include purchases of resale homes,

From Dec 13, 2007 first-time buyers of resale homes, as well as newly constructed homes, would be eligible for a refund from the provincial government of up to $2,000 of the Land Transfer Tax paid.

This proposal to include resale homes would be effective for agreements of purchase and sale entered into after December 13, 2007.

For more details on this program go to Ministry of Revenue Ontario

http://www.rev.gov.on.ca/english/notices/ltt/0207.html

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