First Time Home Buyers Could Save up to $4,000
Thanks for the Provincial Government First Time Home Buyers who are purchasing a property in Ontario will have no tax to pay on the first $368,000 of the purchase price of their home.
Beginning January 1st 2017 first time home buyers can obtain a $4,000 refund on applicable land transfer tax at the time of purchasing their first home. Those purchasing a property greater than $368,000 would be able to receive a maximum refund of $4,000.
To claim a refund the purchasers must be at least 18 years of age, they also cannot have owned a home or an interest in a home anywhere in the world and not only in Canada, and their spouse cannot have owned a home or an interest in a home anywhere in the world while he or she was their spouse. Previous ownership in a home means you do not qualify for land transfer refund. The method of acquiring a home (e.g. purchase, gift or through an inheritance) is not relevant.
For more information be sure to visit the Ontario Ministry of Finance website
If you are in the market to purchase a property in Ottawa call Roch St-Georges at 613-889-7732 to set up a meeting and discuss your real estate needs.