Help for first Time Home Buyers
If you qualify as a First-Time Home buyer by Revenue Canada, you may be eligible for certain government programs.
- First-Time Home Buyers and the Land Transfer Tax Rebate
Are you buying a home for the first time? You may be eligible for Ontario First-Time Home Buyer Land Transfer Tax Rebate – The Ontario Land Transfer Tax Rebate is equal to the full value of the land transfer tax up to a maximum of $4,000 (In the City of Toronto, up to a maximum of $3,725.00). There are certain conditions so click here HERE to learn more. This rebate applies to both New Homes and Re-sale Homes. You need to apply for this rebate within 18 months of purchasing your home to obtain your refund. Please use our First Time Home Buyer Land Transfer Tax Calculator.
- Income Tax Credit for First Time Home Buyers
Since January 27, 2009 First-Time Home Buyers are eligible to claim an amount of up to $5,000. Click HERE for the qualification guidelines. This amount can translate into tax savings of up to $750.00. It is designed to provide some tax relief for first time home buyers with respect to the closing costs related to buying a home such as legal fees and expenses.
http://www.cra.gc.ca/hbtc for more information.