5 Year Fixed 4.74%

5 Year Variable 5.65%

First Home Buyer's Refunds

First Home Buyer's Refunds

Date Posted: June 5, 2024

 

 

 

 

How much money could I receive?

The amount of refund you could receive varies depending on the cost of your home. To help Ontarians buy their first home, the Province will provide a maximum refund for first time home buyers of $4,000. With the increased maximum, no land transfer tax would be payable by qualifying purchasers on the first $368,000 of the value of consideration for eligible homes.

For example:

HBR-Graph

 

If the refund is claimed at the time of registration, it may offset the land transfer tax ordinarily payable. If not claimed at registration, the refund may be claimed directly from the Ministry of Finance within 18 months after the transfer. No interest is paid on this refund. For more information, visit the following website: http://www.fin.gov.on.ca/en/refund/newhome/

 

Do I Qualify?

To get a land transfer tax refund, you:

  • Must be at least 18 years old.
  • Must occupy the home as your principal residence within nine months of the date of transfer.
  • You cannot have ever owned an eligible home, or an interest in an eligible home, anywhere in the world.
  • If you have a spouse, your spouse cannot have owned an eligible home, or an interest in an eligible home, anywhere in the world while being your spouse.
  • You must apply for a refund within 18 months after the date of the transfer.

To read more about refunds for first time home buyers and land transfer tax, visit the following website: http://www.fin.gov.on.ca/en/bulletins/ltt/1_2008.html.