Land Transfer Tax Refund for both New Homes and Resale
In the 2007 Ontario Economic Outlook and Fiscal Review, the government proposed to expand the Land Transfer Tax Refund Program to include first-time homebuyers of resale homes for agreements of purchase and sale entered into after Dec. 13, 2007.
This measure was included in Bill 44, Budget Measures and Interim Appropriation Act, 2008, and, having received Royal Assent on May 14, 2008, is now law.
As a result of this change, first-time homebuyers of resale homes may now be able to receive a refund from the provincial government of up to $2,000 of the land transfer tax paid.
Effective December 14th , first-time buyers of resale homes, as well as newly constructed homes, would be eligible for a refund from the provincial government of up to $2,000 of the Land Transfer Tax paid.
The expanded Land Transfer Tax Refund Program for First-time Homebuyers is part of a package of new tax initiatives announced in the 2007 Fall Economic Outlook and Fiscal Review that would provide $1.4 billion in provincial tax relief for business and people over three years. The government is making strategic investments in people, communities and infrastructure to strengthen Ontario’s economic advantage and help manufacturers and other sectors challenged by current economic conditions.
For more information please visit: http://www.gov.on.ca