Ontario Land Transfer Tax Refund

The Province of Ontario has extended the first-time buyers refund of Land Transfer Tax to include resale homes. Previously only new homes qualified. The maximum refund would be $2,000 and will only cover agreements of purchase and sale entered into after  December 13, 2007.

The following eligibility requirements apply for resale homes and will continue to apply for newly constructed homes.

• The purchaser must be at least 18 years of age.
• An application for the refund must be made within 18 months after the closing date of the purchase.
• The purchaser must occupy the home as his or her principal residence within 9 months of the closing date.
• The purchaser cannot have owned a home or had and ownership interest in a home anywhere in the world.
• A spouse of the purchaser cannot have owned a home or had any ownership interest in a home anywhere in the world while he or she was the purchaser's spouse. 

Properties that qualify are detached homes, semi-detached homes including dwellings that are joined to another above or below grade, townhouses, shares in a co-op, mobile homes, condo units, duplex’s, triplex’s, a fourplex and manufactured homes. For additional information and instructions how to apply for the rebate, check the Province of Ontario Website. Your lawyer can also answer any of your questions.