Ontario Tax Credit for the First Time Homebuyer

In the province of Ontario, when land is purchased, or an interest in land is purchased, a land transfer tax is paid as part of the purchase transaction. Where eligible, first-time homebuyers may apply for a refund of all, or part of the land transfer tax. This is an Ontario tax credit for the first time home buyer rebate, and is available as long as the eligibility requirements are fully satisfied.

To claim the Ontario first time home buyer rebate, the purchaser must be 18 years or older, and must NOT have owned a home (or interest in a home) anywhere. As well, a current spouse must NOT have owned a home (or interest in a home) while being a spouse. Any type of previous home ownership will disqualify the land transfer tax refund for first-time homebuyers.

Importantly, the method of acquiring a home isn’t relevant. A home can be purchased, gifted, or inherited. However, there are rules and regulations that govern the Ontario tax credit for the first time homebuyer, and these must be satisfied in order to qualify (claimants cannot re-qualify).

• land transfer taxes apply to all land in Ontario
• first-time homebuyers are eligible for a refund
• before 2007, refunds are for newly built homes
• after 2007, refunds are for new builds or resale
• a claim can be made electronically or by paper

Like many other government initiatives, there are registration requirements, refund procedures, and application processes. The Ontario tax credit for the first time homebuyer is no different, and can sometimes get convoluted. In some cases, and depending on the purchase date of a property, some of the program rules and regulations can get downright confusing (and quite frustrating).

Applying for tax credits through Rebate4U

Applying for the Ontario first time home buyer rebate can sometimes be stressful. Like all government programs, there are application guidelines; there are qualification instructions; and there are strict claim deadlines. All of these can pose challenges for an average homeowner, even to the point of abandoning the refund. Worst still, an application that is filed late, or wrongly filed can be disqualified. This is a time when the experts at Rebate4U can be very advantageous.

With Rebate4U, in-house specialists help first time homebuyers to secure the highest possible tax credit possible. Our people have extensive experience with a range of provincial government programs, and have regular business dealings with various government agencies. With Rebate4U, first time homebuyers can be sure that all paperwork is properly submitted, and always on time.

Our team makes every effort to provide professional service from application to refund cheque.

Over the years, Rebate4U has processed thousands of refund applications from government programs and initiatives. Indeed, Rebate4U has established itself as a reputable firm with both the provincial and federal government – it often helps to get speedy approvals, and refunds that represent the maximum amount possible. To find out more about Ontario first time home buyers rebate, call Rebate4U at 1-800-610-4510, or visit the company website at www.rebate4u.ca.

• Check out our guide to help first time homebuyers