First Time Home Buyers - Land Transfer Tax Rebate
Maximum allowable benefit $2,000
In addition to new construction homes, if you are a first-time home buyer, you are eligible for a refund up to $2,000 on the purchase of your resale home.
The definition of a first-time home buyer is:
- “a purchaser who has not owned a home or had any ownership interest in a home anywhere in the world or the spouse of a purchaser”
A spouse is defined as:
- either of two persons who are married to each other, and also includes
- either of two persons who have continuously cohabited for a period of not less than three years, or for a shorter period of time if they are the natural or adoptive parents of a child
You will still be eligible to claim if you are a first-time home buyer and you are purchasing a home with someone who is not a first-time home buyer.
For example, a parent who is not a first-time home buyer and a daughter who is a first-time home buyer purchase a home with 50/50 interest. The daughter can claim 50% of the allowable refund up to a maximum of 50% of $2,000.
Your lawyer will make the necessary adjustments to the land transfer tax upon closing.
For more information visit First-time home buyer – land transfer tax rebate or Ministry of Revenue
