First Time Buyers
Buying a house for the first time is a big and important decision in your life. As someone who represents you and looks out for your best interest, I would like to introduce you to the First-Time Home Buyers’ Tax Credit.
First-Time Home Buyer’s Credit (FTHBC) is a government program geared towards buyers like you. The objective is to reduce costs associated with purchasing a home.
You are considered to be a first time buyer if neither you and your spouse or common-law partner has owned and lived in another home in the year of the purchase or in any of the four previous years.
https://www.cmhc-schl.gc.ca/consumers/home-buying/first-time-home-buyer-incentive
Land Transfer Tax Rebates
Incentive: First-Time Home Purchase Rebate in Toronto
Purchasing a home in Toronto requires an additional municipal land transfer tax with the Ontario land transfer tax. If you’re buying a home in the Toronto area as a first-time buyer, you may be eligible for the additional Municipal Land Transfer Tax (MLTT) Rebate.
This rebate provides up to $4,475 on the municipal portion of the land transfer tax you must pay. To qualify for the Toronto land transfer tax rebate, you must meet the same eligibility criteria as the Ontario rebate.
The buyer is considered to be a first-time buyer for the provincial and Toronto LTT if they are at least 18 years of age and must not have previously owned a home anywhere in the world at anytime. If a spouse is involved, the spouse cannot have owned a home or had any ownership interest in a home while he/she was the purchaser's spouse.
