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LTT Refund & GST New Housing Rebate

LTT Refund & GST New Housing Rebate

Ontario Land Transfer Tax

First Time homebuyers may be eligible for a refund of all or a portion of the land transfer tax:

• For purchase and sale agreements entered into before December 14th, 2007 - the refund only applies on the purchase of a newly constructed home

• For purchase and sale agreements entered into after December 13th, 2007 the refund applies to all homes - either newly constructed or resale.

  The maximum refund is $2,000 and equals the land transfer tax payable on a house valued at $227,500.

How do I know if I qualify for a refund? 

• You must be at least 18 years old 

• Applications for refund must be made within 18 months after the date of conveyance.

• The purchaser must occupy the home as his or her principle residence within 9 months of the date of conveyance. 

• You cannot have previously owned a home, or an interest in a home, anywhere in the world.

• If you have a spouse or same-sex partner, he or she cannot have owned a home, or an interest in a home, anywhere in the world while he/she was your spouse or same-sex partner.

How much is the refund?

The amount of the refund will be the entire amount of tax paid or payable, up to a maximum of $2,000.  If you own less than 100% interest in the new home, the amount will be reduced and calculated according to the amount of your interest in the new home.

How do I get the refund?

You can receive an immediate refund at the time of registration by submitting a properly completed – Land Transfer Tax Refund Affidavit for First Time Purchasers of Eligible Homes - to the Land Registry Office.

GST New Housing Rebate

You may be able to claim a rebate for a portion of the GST you pay on the purchase price or cost of building your home if you buy a new or substantially renovated home, mobile home, floating or modular home from a builder or vendor. Or, you buy a share in the capital stock of a co-operative housing corporation, or construct or substantially renovate your home (or hire someone to do so).  Also applicable if your home is destroyed by fire and is rebuilt.  Contact the Canada Customs and Revenue Agency in your community for the Completion Guide and Application Form. In most cases, your solicitor will take care of this for you.

Home Buyers Guide

Absolutely everything you need to know about buying a home in this 24 chapter guide!

To obtain your FREE copy of the full Home Buyers Guide fill out this form below

Before you make what is likely to be the biggest financial decision of your life, call us at 866-544-4001 or email Justin Christie or Keith Walper

To maximize the benefits to you, you may want to consider enlisting the services of a  Mortgage Intelligence agent.  We negotiate with major financial institutions, chartered banks, trust and insurance companies, Canada Mortgage and Housing Corporation, Genworth and others to bring our clients the most competitive mortgage rates and terms.  Mortgage Intelligence will usually earn a commission or fee from the lender* for all the work, advertising and promotion done on their behalf.  Our professional services are provided, in most cases, at no cost to you.  We are constantly updated on rate changes and new products being introduced in the market.  As our client, you can choose from the widest range of options, obtain the most competitive rate and best product suited to your specific needs.  An extensive network of financial institutions has enabled many of our clients to obtain savings of up to 1.40% below posted lender rates.

For more information or a free consultation - Please contact Justin Christie or Keith Walper at 519-238-HOME(4663) or toll free at 1-866-544-4001.

* Subject to certain guidelines

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