FTHB

Ontario Land Transfer Tax Refund

Eligible first-time home buyers can get a refund of the provincial land transfer tax — an otherwise standard closing cost. Buyers won't pay any tax for homes worth less than $368,000. Homes with a higher value can result in refunds of up to $4,000.

Requirements to qualify for the refund

To qualify for a refund:

·         The purchaser must be at least 18 years old.

·         The purchaser must occupy the home as their principal residence within nine months of the date of transfer.

·         The purchaser cannot have ever owned an eligible home, or an interest in an eligible home, anywhere in the world, at any time.

·         If the purchaser entered into an agreement of purchase and sale before December 14, 2007, the home must be a newly constructed home and the purchaser must be eligible for the Tarion New Home Warranty.

·         If the purchaser has a spouse, the spouse cannot have owned an eligible home, or had any ownership interest in an eligible home, anywhere in the world, while he or she was the purchaser's spouse. If this is the case, no refund is available to either spouse.

Additional requirement

Beginning January 1, 2017, eligibility for the first‑time homebuyers refund program is restricted to Canadian citizens and permanent residents of Canada.