First-Time Homebuyer? Unlock Your Land Transfer Tax Refund!

Eligible first-time homebuyers can receive a refund of up to $4,000 on the provincial land transfer tax.

1. No land transfer tax is payable on the first $368,000 of the home's value for qualifying first-time buyers.

2. To be eligible, you must:

   • Be at least 18 years old

   • Have never owned a home or an interest in a home anywhere in the world

   • Have a spouse who has not owned a home while being your spouse

3. The refund is reduced proportionately if any purchaser is not a first-time buyer.

4. To claim the refund, buyers can:

   • Apply immediately at the time of registration through the electronic land registration system

   • File a paper Ontario Land Transfer Tax Refund Affidavit for First-Time Purchasers of Eligible Homes at the Land Registry Office

5. If not claimed at registration, the tax must be paid, but a refund claim can be submitted later to the Ministry of Finance.

6. The purchaser must occupy the home as their principal residence within nine months of the date of transfer.

7. For homes in Toronto, first-time buyers may be eligible for an additional municipal land transfer tax rebate of up to $4,475.

8. The program is restricted to Canadian citizens and permanent residents of Canada.

9. It's advisable to consult with a real estate lawyer to ensure proper eligibility and application for the refund.