Written by Scott Cumming and Maddie Shirriff
It’s no secret that buying a home is a financially stressful time. Especially if you’ve never done it before. The Canadian government is doing its part by offering different initiatives to help lessen the financial burden and make the dream of home ownership a reality. Enter the… [drum roll, please] first time home buyer’s rebate!
Here’s the scoop on the rebate:
- Can be credited up to $4000 on the Ontario Land Transfer Tax
- Can be credited up to $4,475 on the Toronto Land Transfer Tax
- Must be 18 years of age or older
- Cannot have owned a home or interest in land anywhere in the world and same goes with your spouse while they have been your spouse
- Applies to all homes (newly constructed or resale) if the agreement of purchase and sale was entered into after December 13, 2007
- Restricted to Canadian Citizens or Permanent Residents
- Must apply for the refund within 18 months
There are other rules surrounding eligibility, but I wanted to point out the major guidelines. If you think you may be eligible, you should talk to your lawyer. Please note that I am not a lawyer, I am a realtor, but wanted to spread the joy of potential home ownership by sprinkling some knowledge on you fine folk. If you’re interested to learn more, you can do so by clicking here, or talking to your lawyer.