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Press Releases/News
Land Transfer Tax Refund for First-Time Home Buyer May 2009 FOR IMMEDIATE RELEASE LAND TRANSFER TAX REFUND FOR FIRST-TIME HOME BUYERS Land Transfer Tax applies to all transfers of land in Ontario. First-time homebuyers may be eligible for a refund of all or part of the tax. æFor agreements of purchase and sale entered into before December 14, 2007, the refund only applies on the purchase of a newly constructed home. æFor agreements of purchase and sale entered into after December 13, 2007, the refund applies to all homes, whether newly constructed or resale. How much is the Refund? The maximum amount of the refund is $2,000. If the refund is claimed at time of registration, it may offset the land transfer tax ordinarily payable. If not claimed at registration, the refund may be claimed directly from the Ministry of Revenue. No interest is paid on this refund. Who Qualifies? To claim a refund, you: æmust be at least 18 years of age; æmust occupy the home as your principal residence within 9 months of after the date of transfer; and æcannot have owned a home, or an interest in a home, anywhere in the world. In addition: æyour spouse cannot have owned a home, or an interest in a home, anywhere in the world while being your spouse; and æin the case of a newly constructed home, you must be entitled to a Tarion New Home Warranty. How Do I Apply? Qualifying taxpayers may claim an immediate refund at time of registration in one of two ways: æIf registering electronically, by completing the required statements under the "explanation" tab of the electronic affidavit. æIf registering on paper, by filing an Ontario Land Transfer Tax Refund Affidavit for First-Time Purchasers of Eligible Homes at the Land Registry Office. What is the application deadline? Applications for a refund must be made within 18 months after the date of the transfer. If application was not made at registration and the tax was paid, qualified purchasers may apply for a refund by completing an Ontario Land Transfer TGax Refund Affidavit for First-Time Purchases of Eligible Home and send it to the ministry. For full details on the refund program, please see www.rev.gov.on.ca About R.D.M. Financial Consultants A Mortgage Centre franchise since 1990,we boast a staff of 12 Mortgage professionals serving Mississauga, Etobicoke, Burlington, Milton and surrounding areas. With the combined experience of our Mortgage Professionals we are able to deal with almost all mortgage and financing requirements. For more information, please visit us on the web at www.rdmmortgages.com or call us at (905) 337-7375. << Back to Press Releases |
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