No land transfer tax is payable by qualifying first‑time purchasers on the first $368,000
of the value of the consideration for eligible homes. First‑time purchasers of homes greater than $368,000 would receive a maximum refund of $4,000
Requirements to qualify for the refundTo qualify for a refund:
- The purchaser must be at least 18 years old.
- The purchaser must occupy the home as their principle residence within nine months of the date of transfer.
- The purchaser cannot have ever owned an eligible home, or an interest in an eligible home, anywhere in the world, at any time.
- If the purchaser entered into an agreement of purchase and sale before December 14, 2007, the home must be a newly constructed home and the purchaser must be eligible for the Tarion New Home Warranty.
- If the purchaser has a spouse, the spouse cannot have owned an eligible home, or had any ownership interest in an eligible home, anywhere in the world, while he or she was the purchaser's spouse. If this is the case, no refund is available to either spouse.
- The purchaser cannot have previously received an Ontario Home Ownership Savings Plan (OHOSP) ‑ based refund of land transfer tax.