REBATES FOR

FIRST-TIME HOME BUYERS

In Toronto’s hot real estate market, it’s harder than ever for people to get their foot in the door. As part of Canada’s Economic Action Plan, in an effort to alleviate some of the harrowing costs involved in buying your first home, there are rebates designed to help first-time home buyers cover some of their expenses.

FIRST-TIME HOME BUYERS’ TAX CREDIT

The First-Time Home Buyers’ Tax Credit rebate is valued at $750 for all first-time home buyers.

AFFORDABILITY CALCULATOR
To take advantage of this rebate, it must be claimed on your personal tax return for the year affiliated with your home purchase. If you purchased a condo where the occupancy date is one year but you take ownership in a subsequent year, you will claim the rebate during the year your condo is registered with the city and the title is transferred to you.

Click here for full details on the First-Time Home Buyers’ Tax Credit.

To be eligible for this rebate, the purchaser:
       • Must be buying a home within Canada
       • Must intend to occupy the home within one year of purchase
       • Cannot have lived in a home owned by you or your spouse within the previous 4 years

LAND TRANSFER TAX REBATE FOR FIRST-TIME HOME BUYERS

Eligible home buyers can receive a maximum refund of $4,475 on their Municipal Land Transfer Tax and up to $4,000 on their Provincial Land Transfer Tax.

LAND TRANSFER TAX CALCULATOR

Under this rebate, first-time home buyers are eligible for a full or partial rebate on their Land Transfer Tax. Buyers in Toronto pay a municipal Land Transfer Tax as well as the standard provincial Land Transfer Tax.

Purchasers must apply within 18 months of purchase to obtain their rebate. You can use this Form to apply for the Ontario Land Transfer Tax Refund.

To be eligible for this rebate, the purchaser:
       • Must be 18 years of age
       • Must be a permanent resident of Canada
       • Must intend to occupy the home within 9 months of purchase
       • Cannot have previously owned a home locally or elsewhere in the world. If you are married and your spouse has previously owned a home, you are no longer eligible for this rebate.