First time Buyers can get a property tax refund in Ontario (UPDATED 9/10/08)

We have been telling all our first time Buyers about this one. Who knows how long it will last? It's best to get the lawyer to handle the actual submission but clients can fill out the forms available from the site below and have it ready upon closing of their first home.

ONTARIO EXPANDS LAND TRANSFER TAX REFUND PROGRAM

TORONTO - The McGuinty government is giving all first-time homebuyers a break on land transfer tax by proposing to expand the Land Transfer Tax Refund Program to include purchases of resale homes, Finance Minister Dwight Duncan announced today.

"Expanding this Land Transfer Tax refund is an important part of our government's commitment to helping Ontarians buying their first home," Duncan said.

Effective midnight tonight, (Dec 13/07) first-time buyers of resale homes, as well as newly constructed homes, would be eligible for a refund from the provincial government of up to $2,000 of the Land Transfer Tax paid.

The expanded Land Transfer Tax Refund Program for First-time Homebuyers is part of a package of new tax initiatives announced in the 2007 Fall Economic Outlook and Fiscal Review that would provide $1.4 billion in provincial tax relief for business and people over three years. The government is making strategic investments in people, communities and infrastructure to strengthen Ontario's economic advantage and help manufacturers and other sectors challenged by current economic conditions.

For more information consumers can call: 1-800-263-7965

Ministry of Finance, Land Transfer Tax Section, 905-433-6361

UPDATE Sept 10/08

The following link was recently updated by the government provided additional information and direct links to apply for the land tax refund:

www.rev.gov.on.ca/english/refund/newhome/