Description

Permanent program allowing a rebate of the provincial Land Transfer Tax otherwise payable up to $2,000.00 for agreements of purchase and sale entered into after March 31, 1999 (being the Land Transfer Tax on a $227,500.00 home)

Eligibility of the Person

a) must be at least 18 years old
b) must be a first time home purchaser and occupy the home as a principal residence no later than 9 months after the date of the conveyance
c) must never have owned, or had any ownership interest in, an eligible home anywhere in the world, at any time
d) spouse or same-sex partner never owned, or had any ownership interest in, an eligible home anywhere in the world while a spouse or same-sex partner of the home purchaser

Eligibility of the Property

Must be a newly-constructed home that is covered by Tarion Warranty Corporation, formerly the Ontario New Home Warranty Program (hereinafter referred to as "Tarion"), and the builder must be registered with Tarion

Restrictions

Restrictions on Amount Claimed:

• Between Non-Spouses: refund is reduced for the proportionate interest of the co-owner who is not eligible
• Between Spouses: If one spouse is a first time home purchaser and the other owned a home before, but not since becoming a spouse of the first time home purchaser, then the spouse who is the first time buyer would claim the whole rebate

Other

• Rebate received (i.e. credited) on day of registration at the Land Registry Office.
  18 month deadline (from the date that the conveyance is registered) if applying for refund directly from the Land Transfer Tax Office.
• Qualifying taxpayers or their solicitors may claim an immediate refund at the time of registration by filling out the Land Transfer Tax Refund Affidavit for First Time Purchasers of Newly Constructed Homes at a Land Registry Office; or by selecting the appropriate electronic statement where registration is effected electronically and submitting the Land Transfer Tax Refund Affidavit at the Land Registry Office afterwards.
• More information at:
  http://www.trd.fin.gov.on.ca/userfiles/page_attachments/Library/3/mtiebul_ltt4_2003.htm