Alexandra handles real estate purchases, sales, and refinance transactions throughout the province of Ontario. Her years of experience permit her to provide clients with a full range of real estate legal services specific to her clients’ needs.
Being a first time home buyer can be stressful. Alexandra and her assistant will take the extra time to walk you through the process step by step. In particular, First-Time Home Buyers are entitled to a rebate of the Land Transfer Tax payable on their purchases.
First-Time Home Buyer Rebate
Both Ontario and the City of Toronto offer land transfer tax rebates for first-time home buyers to offset the tax. The Ontario land transfer tax rebate is equal to the full value of the land transfer tax up to a maximum of $4,000. First-time home buyers in Toronto of new and resale homes are eligible to receive a refund up to a maximum of $4,475.
To claim the Ontario or City of Toronto rebate, you:
- must be at least 18 years of age;
- must occupy the home as your principal residence within 9 months of the date of transfer; and
- cannot have ever owned a home, or an interest in a home, anywhere in the world.
- your spouse cannot have owned a home, or an interest in a home, anywhere in the world while being your spouse
If you would like to know the potential land transfer tax payable on a transaction, Alexandra would be happy to assist you.