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    Tia Pham

    Broker

    Royal LePage West Realty Group Ltd.

    Buying your first home is an exhilarating experience. Here is some information to get you more excited about your future purchase:

    Land Transfer Tax Rebate

    First time buyers of new and re-sale homes are eligible for a rebate of $4,000 (Ontario) and $3,725 (Toronto). To be eligible for the provincial and/or Toronto rebate:

    • The purchaser must be at least 18 years old
    • The purchaser must occupy the home as their principal residence no later than 9 months after the date of conveyance or disposition
    • The purchaser cannot have previously owned a home, or had any ownership interest in a home anywhere in the world, at any time
    • If the purchaser has a spouse, the spouse cannot have owned a home, or had any ownership interest in a home anywhere in the world, at any time
    • Note: If the purchaser's spouse owned an interest in a home BEFORE becoming the purchaser's spouse, the purchaser may be eligible for some rebate

    RRSP Home Buyers' Plan

    This program allows you to withdraw up to $25,000 from your RRSP tax-free to buy or build a qualifying home. Before withdrawing, you must have entered into a written agreement to purchase or build a qualifying home, and you must occupy the home no later than 1 year after buying or building the home. Couples would be able to withdraw up to $50,000. The 15 year repayment period will begin in the second calendar year following the calendar year in which the withdrawal is made.

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