Land Transfer Tax Refunds for First Time Home Buyers | Beaver ...

November 23rd, 2012 | Add a Comment

Land Transfer Tax applies to all conveyances of land in Ontario. The amount of tax paid is based on the purchase price of the home and is paid to the Land Registry Office at the time the transfer is registered.

First-time home buyers can qualify for a refund on all or part of the tax payable. The maximum amount refundable is $2000 and can be claimed at time of registration or no later than 18 months after the date of registration.

Cost of Home	Tax Payable	Tax Refund	Net Tax Payable
$100,000	$725	$725	$0
$200,000	$1725	$1725	$0
$300,000	$2975	$2000	$975

To Qualify the Purchaser:

??????????? *Must be 18+ yrs of age

*Must occupy the home as primary residence no later than 9 months after the date of conveyance or disposition.

*Cannot have owned or had an ownership interest in a home, anywhere in the world.

*Same rules apply to a spouse (In the case of a spouse owning a home, the buyer may still qualify for part)

*Purchaser cannot have previously received an Ontario Home Ownership Savings Plan.

Claims can be made electronically, at the Land Registry Office or at the Ministry of Finance.

For more information go to: www.fin.gov.on.ca/en/bulletins/ltt/1_2008.html

Filed under: Blog

Source: http://beavervalleyrealestate.com/wordpress/land-transfer-tax-refunds-for-first-time-home-buyers/

kenny chesney blake shelton academy of country music awards brad paisley zac brown band aubrey born to run