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Effective January 1, 2017 First Time Home Buyers in Ontario, Canada to get a rebate of up to $4000.00

The Province of Ontario in Canada has proposed to double the maximum refund better known as rebate for first-time homebuyers from $2,000 to $4,000, effective January 1, 2017.

The eligibility of the first-time homebuyers will be restricted to Canadian citizens and permanent residents.

This would mean that First time home buyer in Ontario in Canada will be exempted from the land transfer tax on the first $368,000 they spend towards the purchase of their new home. In other words for example if you are a first time home buyer in Mississauga, Brampton, Oakville, Milton, Toronto or anywhere within the province of Ontario in Canada and the house you are buying is priced at $400,000.00 – you will not pay any Land Transfer Tax on the first $368,000 and will pay tax only on the remaining $32,000 that will be only $475.00 . While if your closing date is prior to December 31, 2016 it will be $ 2,475.00 . This is just an example.

In order to bridge the gap, the land transfer rates on houses that cost more than $2 million will be increased. For every penny above $2M, the rate will increase from 2 per cent to 2.5 per cent. Still the tax on the part of the purchase price between $400,000 and $2 million will remain at 2 per cent.

If you have any further query on this or if you are thinking of buying your first home in Ontario, Canada in Mississauga, Brampton, Oakville, Milton, Toronto, please feel free to contact us by filling out this Dream Home search form.

 

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