First Time Home Buyers
Owning a home is a big decision and getting off to a good start can make all the difference in the world. Whether you’re looking for a cost calculator or a readiness assessment, a Realtor® can help.
Be in the best the best position to afford the home of your dreams
First time home buyers can get up to $2,000 rebate on your Land Transfer Tax.
About Land Transfer Tax Rebate
On December 13, 2008, the McGuinty Government passed a new law regarding the Land Transfer Tax Rebate. Prior to December 13, only first time home buyers of new construction homes were eligible for the rebate of up to $2,000. Any agreements, whether new construction or resale, entered into December 14, 2008 or later, where all owners are first time home buyers, are eligible for the tax rebate. Qualifying taxpayers may claim an immediate refund at the time of registration either electronically or by registering on paper at a Land Registry Office. Qualifying purchasers must submit their claim within 18 months of occupying the property. The expanded Land Transfer Tax Refund Program for First-Time Homebuyers is part of new tax initiatives announced in the 2007 Fall Economic Outlook and Fiscal Review the would provide $1.4 Billion in provincial tax relief for business and people over three years. The government is making strategic investments in people, communities and infrastructure to strengthen Ontario’s economic advantage and help manufacturers and other sectors challenged by current economic conditions.
More info at: Land Transfer Tax Refunds For First Time Homebuyers
What is the Home Buyers’ Plan? (RRSP)
The Home Buyers’ Plan is a program for first time home buyers’ that allows you to withdraw up to $25,000 in a calendar year from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability.
More info at: RRSP First time Home Buyers Plan
First-Time Home Buyers’ Tax Credit Explained
Did you know that the Economic Action plan includes a First-Time Home Buyers’ Tax Credit (HBTC) to help?
The HBTC assists first-time home buyers with the costs associated with the purchase of a home, such as legal fees, disbursements and land transfer taxes, which are a particular burden for first-time home buyers, who must also save for a down payment. Click on the link below to better understand HBTC and to learn how to claim this $5,000 tax credit.
More info at: First-Time Home Buyers’ Tax Credit Explained (HBTC)