Land transfer tax rebate to first-time buyers

Ontario Liberal government announced proposed legislation that would extend the land transfer tax rebate to first-time buyers who purchase resale homes. The rebate would apply to agreements of purchase and sale that were entered into after midnight on December 13, 2007. Until now, this rebate has only been offered to first-time buyers who purchased newly built homes.
One this proposed amendment becomes law, all first-time home buyers in Ontario will become eligible for a rebate of up to $2,000 of the land transfer tax they are required to pay to the province upon purchase of their home. Until the new law is passed and given Royal Assent, first-time homebuyers purchasing resale homes must continue to pay the land transfer tax upon registration and should then submit the just-published Ontario Land Transfer Tax Refund Affadavit for First-Time Purchasers of Eligible Homes (Resale) to the Ontario Ministry of Revenue. Once the new amendment is signed into law, buyers will receive their refund cheque from the Ministry.

More information and a PDF of the Affadavit can be found here

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