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Nov
24

Changes to Land Transfer Tax for First Time Buyers

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/.

Information provided by Oakville Real Estate Law and OREA.