Ontario first time home buyers grants and refunds

Ontario First Time Home Buyers Grants

Ontario first time home buyers grants seekers are also searching for Power of Sale homes, read the truth about them here.

I work with clients that are seeking green real estate, and with first time home buyers who are just starting out. NEW... Gold verses first home. See article at end of page.

In keeping with the government's commitment to help Ontarians who are starting out, it is proposed that the Land Transfer Tax Refund Program for First-time Home buyers be expanded to include purchases of resale homes.

This measure would be effective for agreements of purchase and sale entered into after December 13, 2007.

As a result of this change, first-time home buyers of newly-constructed or resale homes would be able to receive a refund from the provincial government of up to $2,000 of the land transfer tax paid.

Further Details To Be Issued

More detailed information, as well as a Refund Affidavit which will include resale situations, will be issued shortly.

Resale Homes

Pending the proposed amendments becoming law, land transfer tax must be paid at the time of registration.

Following registration, a refund affidavit, which will be published shortly, may be submitted to the Ministry of Revenue.

Remember, the proposed expansion to resale homes would apply to agreements of purchase and sale entered into after December 13, 2007.

Refund cheques would be issued upon the proposed amendments becoming law.

Newly-Constructed Homes

Eligible first-time home buyers of newly-constructed homes should continue to have their lawyers claim the refund under current procedures at the time of registration. See Tax Bulletin LTT 4-2003 Refunds for First-Time Purchasers of Newly-Constructed Homes."

Update regarding the Ontario first time home buyers grants and the Ontario land transfer tax refund from the Ministry of Revenue

In the 2007 Ontario Economic Outlook and Fiscal Review, the government proposed to expand the Land Transfer Tax Refund Program to include first-time home buyers of resale homes for agreements of purchase and sale entered into after December 13, 2007.

This measure was included in Bill 44, Budget Measures and Interim Appropriation Act, 2008, and, having received Royal Assent on May 14, 2008, is now law.

As a result of this change, first-time home buyers of resale homes may now be able to receive a refund from the provincial government of up to $2,000 of the land transfer tax paid.

Please contact me by clicking here for further information regarding Ontario first time home buyers grants and the Ontario land transfer tax refund.

You can also get further details about how the rebate works by clicking here to read the Ontario land transfer tax rebate bulletin.

Additional articles.

1. Rent to own home.

NEW...GOLD VERSES FIRST HOME...

For information about how the Federal Government is helping first time home buyers click here.

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