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OREA achieved one of
its major government relations objectives in December when the provincial
government announced that the existing land transfer tax rebate program would be
expanded to include first time buyers who purchase resale, as well as new,
homes. The change became effective immediately.
First time buyers of
resale homes are now eligible for a refund from the provincial government of up
to $2000 of the land transfer tax paid.
The expanded land
transfer tax refund program for first time homebuyers is part of a package of
new tax initiatives announced by Finance Minister Dwight Duncan in the 2007 Fall
Economic Outlook and Fiscal Review.
Getting the refund
For resale homes a properly completed form
Ontario Land Transfer Tax Refund Affidavit for First-Time
Purchasers of Eligible Homes (Resale)
must be submitted along with
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A copy of the
registered instrument on which land transfer tax was paid (in the case of
electronic registration, include a copy of the docket summary which relates to
the transaction);
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A copy of the
agreement of purchase and sale (only those agreements of purchase and sale
entered into after December 13, 2007 may qualify) along with a copy of the
statement of adjustments.
Refund applications on
resale homes cannot currently be made electronically.
More information regarding eligibility
requirements and other details can be found at:
http://www.rev.gov.on.ca/english/notices/ltt/0207.html.
You can also call the Ministry of Revenue at 905-433-6361 to learn more. |
