When you become a first-time home buyer in Canada, there is much to consider. Your first mortgage will include a great deal of paperwork and tireless search to find the perfect home and the best mortgage rates for your budget needs. But the process also includes a nice incentive known as the land transfer tax rebate.
All first-time home buyers are eligible for the Tax Credit if they meet income and purchase price limits. Non-first-time home buyers may be eligible in some circumstances; they should contact a lender to see if they are able to take advantage of the Home Buyer Tax Credit from KHC. For more details, including full purchase price and income limits, visit
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The new Help-to-Buy scheme for first-time buyers, announced in the Budget last October, opens for applications today. First-time buyers can recoup up to 20,000 in a tax refund to put towards.
Clever Takes the Negotiating out of home buyer rebates Getting a commission rebate doesn’t have to be difficult. Clever has a nationwide network of top-rated real estate agents who have already agreed to offer a commission rebate of $1,000* of the purchase price of your home.
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As of January 1, 2017, Ontario is doubling the rebate on the land transfer tax for first-time homebuyers to $4,000, levied on the purchase of every house and condominium. The land transfer tax on homes that sell for more than $2 million, however, is increasing from two per cent to to two-and-a-half per cent.
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This page sets out the requirements to qualify for and the procedures to apply for a refund of land transfer tax on the purchase of a qualifying home by a first-time purchaser. Under certain circumstances this refund applies on the purchase of either a newly constructed home or a resale.
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Many people are struggling to work out the system and are calling up for help. The ATO has hired casual workers to take calls and is offering overtime to full-time. tax cut should appear.
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