It was recently announced that the Land Transfer Tax Refund for First-Time Buyers will be expanded to include resale homes. Formerly this refund was only available to first-time buyers of new homes. The limit of the refund will remain $2,000.00.
In order to qualify as a first-time buyer, an individual must not have owned a home anywhere in the world, or been married to someone who owned a home, while he or she owned that home.
The refund is capped at $2,000.00. In other words, if the total LTT were $3,000.00, the individual would be responsible for paying $1,000.00. The refund can also be applied in part. If two people are buying a property, and only one qualifies, the refund would be applied according to that individual's percentage ownership (ie. if purchasing 50%, 50% of the refund; 75% owner, 75% refund and so on).
More information regarding the logistics of the expanded rebate should be released this afternoon. We'll know then which agreements qualify (ie. when they had to have been signed, etc). We'll update when we know more!
Link to the anouncement: http://www.fin.gov.on.ca/english/media/2007/nr12-fes2.html
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