First Time Buyers Rebate Explained
Effective January 1, 2017, the old refund for first time buyers in the amount of $2,000.00 has now been increased to $4,000.00. In order for home buyers to be eligible for the rebate, the following conditions must be met:
1. You must be at least 18 years of age.
2. You cannot have owned a home or interest in a home, anywhere in the world and a spouse cannot have owned a home or interest in a home anywhere in the world while he or she was a spouse.
3. The purchaser must occupy the home as their principal residence within 9 months of the date of transfer.
4. The purchaser cannot have previously received an Ontario Home Ownership Savings Plan (OHOSP) based refund of land transfer tax.
Beginning January 1, 2017 eligibility for the first time homebuyers refund program is restricted to Canadian citizens and permanent residents of Canada. This is a new condition imposed for eligibility requirements which your clients should be aware of. Note that purchasers who would otherwise be eligible for a refund, but who are not Canadian citizens or permanent residents when the transaction closes, have 18 months following registration to become eligible. Upon obtaining Canadian citizenship or permanent resident status, these purchasers may apply for a refund within 18 months after the date of registration of the conveyance or the date the unregistered disposition occurs.
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