Ontario Land Transfer Tax Refund
Did you know that under the Ontario Land Transfer Tax a first-time home buyer may be eligible for a tax refund for purchasing a home?
The Ontario Government states the following information as to who falls into the Ontario Land Transfer Tax First-Time Home Buyers plan to be for transfers where:
- the agreement of purchase and sale was entered into after December 13, 2007, the refund applies to all homes, whether newly constructed or resale.
- the agreement of purchase and sale was entered into before December 14, 2007, the refund only applies on the purchase of a newly constructed home.
How much is the Land Transfer Tax 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 Finance. No interest is paid on this refund.
For further details about the Ontario Land Transfer Tax for First-Time Home Buyers you can visit the Ontario Ministry of Finance’s web site by clicking ‘LINK’.