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Legal Matters - Real Estate


Question:
Who qualifies for the Provincial Land Transfer Tax Rebate?
 
Answer:
Land Transfer Tax is payable on all land acquisitions based on a sliding scale referenced to the Purchase Price. There is currently a program to allow first-time homebuyers a refund (or more properly a tax reduction) to a maximum of $2000. As such, a purchase of $227,500 or less by a first-time buyer of an eligible home will result in no Land Transfer Tax being payable. On purchases above this amount, a credit of $2000 will be available and Land Transfer Tax will be payable only on the consideration in excess of $227,500. To qualify for the rebate, a purchaser cannot have previously owned an eligible home anywhere in the world or have a spouse who has owned an eligible home anywhere in the world while they were spouses. The definition of spouse extends to common law relationships. An eligible home includes a detached house, semi-detached house, shares in a co-operative, year round mobile homes, a condominium unit and a partial ownership interest in a home if such ownership interest entitles the owner to the right to inhabit the home.  
 
John Hall
John Hall
P: 905.572.5814
jhall@rossmcbride.com