FIRST-TIME HOME BUYER TAX CREDIT 2019
The First-Time Home Buyer Tax Credit amount is valued at $750 for all first-time home buyers.
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.
You can find a detailed account of the First-Time Home Buyer Tax Credit on the Government of Canada’s website here.
To be eligible for this First-Time Home Buyer Tax Credit 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
FIRST-TIME HOME BUYER REBATE ON LAND TRANSFER TAX 2019
Eligible first-time home buyers can receive a maximum refund amount of $4,475 on their Municipal Land Transfer Tax and up to $4,000 on their Provincial Land Transfer Tax.
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 First-Time Home Buyer Land Transfer Tax rebate. You can use this Form to apply for the Ontario Land Transfer Tax Refund.
To be eligible for the First-Time Home Buyer Land Transfer Tax 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.