Last week the province revised Land Transfer Tax for first time buyers.
Effective January 1st, 2017, the rebate for new home buyers was increased from $2,000 to $4,000.
A first time buyer is defined as such:
- Neither the buyer nor spouse has ever owned a home anywhere in the world.
- Person owned a home but sells it before marrying a person who has never owned a home. They quality for the full $4,000 rebate.
- Person has owned a home and buys a home jointly with a person who has never owned a home. They are not married. The first time buyer qualifies for ½ the rebate or $2,000.
- Person owns a home. Marries a person who has never owned a home while he or she still owns the home. Sell that house and buy another. Neither qualify.
If you are a first time buyer and looking for more information to take advantage of this rebate, don’t hesitate to contact us.
For more information on land transfer tax for first-time buyers, please visit http://firsthomerebate.ca/.