What is the first time home buyer tax credit?
See if you qualify for the tax credit
According to the Ministry of Finance website, when you buy land or an interest in land in Ontario, you pay land transfer tax. First-time homebuyers of an eligible home may be eligible for a refund of all or part of the tax.There are certain requirements to claim a refund, you must be at least 18 years of age, you cannot have owned a home or an interest in a home anywhere in the world, and your spouse cannot have owned a home or interest in a home, anywhere in the world while he or she was your spouse. Previous ownership in a home means you do not qualify for the land transfer tax first-time homebuyers refund. The method of acquiring the home (e.g., purchase, gift or through an inheritance) is not relevant.
Here are the requirements to qualify for the refund:
The purchaser must be at least 18 years old.
Knowledge is power. Connect with me today to see if you qualify and how to get the most out of first time home buyer tax credit.
Here are the requirements to qualify for the refund:
The purchaser must be at least 18 years old.
- The purchaser must occupy the home as their principle residence within nine months of the date of transfer.
- The purchaser cannot have ever owned an eligible home, or an interest in an eligible home, anywhere in the world, at any time.
- If the purchaser entered into an agreement of purchase and sale before December 14, 2007, the home must be a newly constructed home and the purchaser must be eligible for the Tarion New Home Warranty.
- If the purchaser has a spouse, the spouse cannot have owned an eligible home, or had any ownership interest in an eligible home, anywhere in the world, while he or she was the purchaser's spouse. If this is the case, no refund is available to either spouse.
- The purchaser cannot have previously received an Ontario Home Ownership Savings Plan (OHOSP) ‑ based refund of land transfer tax.
Knowledge is power. Connect with me today to see if you qualify and how to get the most out of first time home buyer tax credit.