Residents of Ontario, Canada, who have never owned a home before, can now heave a small sigh of relief if they're thinking of embarking on the path that leads to home ownership.
The McGuinty government has just introduced a tax relief measure for first time home-buyers who are buying their fist home anywhere in Ontario, Canada.
Effective December 13, 2007, if you have signed an agreement of purchase and sale to buy your first house in Ontario, you may be eligible to apply for the land transfer tax rebate.
You may apply for the rebate as long as your offer to purchase your first house was accepted and signed by the seller after December 13th, 2007.
In order to qualify for the Ontario Land Transfer Tax rebate, you must be 18 years of age and have never owned a home or had an interest in the ownership of a home, anywhere in the world previously, and your spouse may never have owned a home previously either, while you were his/her spouse.
A variety of property types are eligible and the main stipulation is that the property must become your principle residence within 9 months of taking ownership.
Please read here for a complete list of the types of houses/properties that qualify for the land transfer tax rebate in Ontario.
The refund application must be filed within 18 months of the conveyance taking place. For details on how to apply for the land transfer tax rebate, read the following article that has been issued by the government of Ontario.
Please note that as of May 14, 2008, this legislation has become law and first-time home-buyers may now apply for this refund at the time of registration.
This is a significant step towards helping first time buyers purchase a home in Ontario, as the land transfer tax can amount to a fairly sizable amount.
The maximum rebate which can be claimed is $2000.
Here is a simple calculator for determining what your land transfer tax will be on your home purchase and therefore the amount you can expect to have rebated.
If you have any questions with regards to purchasing your first home, or with respect to the land transfer tax rebate, please do not hesitate to contact me. Buying your first home is one of the most exciting times in your life, and if I can make the transition to home ownership easier for you, I'm more than pleased to offer my assistance.
If you are considering buying in the Burlington, Oakville or Mississauga area, and do not currently have a real estate sales representative who you are working with, I would be happy to provide you with my first time home-buyer's package and set you up to receive all suitable listings as they become available (this would cover all mls listings that fall within your guidelines).
It's the perfect time to purchase your first home. Interest rates are low, house prices are still reasonable and with the new land transfer tax rebate, you'll now have additional funds to spend on the other expenses that are incurred with home ownership !
*First Time Home Buyer's Seminar in Oakville on February 24th, 2010 7-9 FREE Admission - For More Information or to Register Click Here
Other Articles in This Series:
Buying Your First Home in Ontario~Step One, Choosing a Real Estate Sales Representative.
Jo-Anne Smith, the author of this article, is a REALTOR® with Sutton Group-Quantum Realty Inc., Brokerage, in Oakville, Ontario and welcomes your real estate inquiries. To contact her, visit www.Oakville-BurlingtonHomes.com
Jo-Anne Smith, the author of this article, is a REALTOR® with Your Choice Realty , Burlington, Oakville and Mississauga, Ontario and welcomes your real estate inquiries. To contact her by email: Email Jo-Anne Smith