Ontario has a number of excellent tax rebates for first-time buyers. One of the biggest ones is the rebate on the provincial Land Transfer Tax (LTT) (and equivalent rebates on the Municipal Land Transfer Tax if you live in Toronto). If you qualify, you can get up to $2,000.00 off the LTT at the time of closing as a direct rebate. However, you need to be sure you qualify. You must:
- Have never owned property, at any time, anywhere in the world.
- Not have a spouse who currently owns property, or owned property at any point while you were spouses, or have a former spouse who owned property while you were spouses.
The definition of spouse for LTT is also expanded; most of the time, in Ontario law, spouse means legally married spouse, but for LTT, it is expanded to include people who have been living together in a relationship for at least three years, or who are in a relationship and parents of a child.
Your best bet is to check with your lawyer about whether you qualify before you start counting on the rebate.