{"id":5900,"date":"2017-02-01T09:00:00","date_gmt":"2017-02-01T09:00:00","guid":{"rendered":"http:\/\/www.niagaralaw.ca\/?p=5900"},"modified":"2023-04-11T15:41:58","modified_gmt":"2023-04-11T15:41:58","slug":"recent-changes-to-ontarios-land-transfer-tax-refund","status":"publish","type":"post","link":"https:\/\/niagaralaw.ca\/recent-changes-to-ontarios-land-transfer-tax-refund\/","title":{"rendered":"Recent changes to Ontario\u2019s Land Transfer Tax Refund"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"640\" height=\"427\" src=\"https:\/\/niagaralaw.ca\/wp-content\/uploads\/2022\/11\/pixabay-no-attribution-required-real-estate-g021e3adf0_640.jpg\" alt=\"\" class=\"wp-image-7937\" srcset=\"https:\/\/niagaralaw.ca\/wp-content\/uploads\/2022\/11\/pixabay-no-attribution-required-real-estate-g021e3adf0_640.jpg 640w, https:\/\/niagaralaw.ca\/wp-content\/uploads\/2022\/11\/pixabay-no-attribution-required-real-estate-g021e3adf0_640-300x200.jpg 300w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/><figcaption class=\"wp-element-caption\">Image by <a href=\"https:\/\/pixabay.com\/users\/oleksandrpidvalnyi-4638469\/?utm_source=link-attribution&amp;utm_medium=referral&amp;utm_campaign=image&amp;utm_content=6688945\" target=\"_blank\" rel=\"noopener\">Oleksandr Pidvalnyi<\/a> from <a href=\"https:\/\/pixabay.com\/\/?utm_source=link-attribution&amp;utm_medium=referral&amp;utm_campaign=image&amp;utm_content=6688945\" target=\"_blank\" rel=\"noopener\">Pixabay<\/a><\/figcaption><\/figure>\n\n\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>Beginning on January 1, 2017, the maximum amount of refund available to eligible first time home buyers jumped from $2,000.00 to $4,000.00. This means that eligible homebuyers in Ontario will not pay Land Transfer Tax (LTT) on the first $368,000 of their home\u2019s purchase price. The government has implemented this measure in an effort to assist first-time homebuyers. As part of the provincial government\u2019s 2016 Fall Economic Statement, it was hoped that by doubling the refund, more than half of first-time homebuyers in Ontario will pay no LTT on the purchase of their first home. This change comes in the wake of a spike in property value in hot markets, like the Niagara Region, and highlights how unaffordable a home purchase has become for young buyers.<\/p>\n<p>To qualify for a refund:<\/p>\n<ul>\n<li>\u00a0the purchaser must be at least 18 years old;<\/li>\n<li>the purchaser must occupy the home as their principle residence;<\/li>\n<li>the purchaser cannot have ever owned an eligible home, or an interest in an eligible home, anywhere in the world, at any time;<\/li>\n<li>the purchaser cannot have previously received an Ontario Home Ownership Savings Plan (OHOSP) \u2011 based refund of land transfer tax;<\/li>\n<li>the purchaser must be a permanent resident of Canada;<\/li>\n<li>and, if the purchaser has a spouse, the spouse cannot have owned an eligible home, or had any ownership interest in an eligible home, while he or she was the purchaser&#8217;s spouse.<\/li>\n<\/ul>\n<p>In addition, a qualifying purchaser may claim a refund in proportion to his or her spouse&#8217;s interest if that purchaser&#8217;s spouse has owned a home before becoming the purchaser&#8217;s spouse, but not while being that purchaser&#8217;s spouse. A partner&#8217;s eligibility for a refund depends on whether you are spouses as defined in section 29 of the <em>Family Law Act<\/em>. If you are not spouses, then your partner may claim a refund based on his or her interest acquired in the home. If you are spouses, your partner may claim a refund up to the maximum refund amount applicable to your transaction (you can claim the refund for your interest and your partner&#8217;s interest), as long as you did not own a home while you were each other&#8217;s spouse.<\/p>\n<p>If you need help with any of the foregoing issues, or require assistance with the purchase or sale of a home, please do not hesitate to contact one of the <a href=\"https:\/\/www.niagaralaw.ca\/practice-areas\/real-estate-law\/\">Real Estate Professionals<\/a> at Daniel &amp; Partners LLP today.<\/p>\n<p>Blog post written by <a href=\"https:\/\/www.niagaralaw.ca\/welcome-back-matteston\/\">Matteson DeLuca<\/a>, student-at-law.<\/p>","protected":false},"excerpt":{"rendered":"<p>\u00a0 \u00a0 Beginning on January 1, 2017, the maximum amount of refund available to eligible first time home buyers jumped from $2,000.00 to $4,000.00. This means that eligible homebuyers in Ontario will not pay Land Transfer Tax (LTT) on the first $368,000 of their home\u2019s purchase price. The government has implemented this measure in an [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/niagaralaw.ca\/wp-json\/wp\/v2\/posts\/5900"}],"collection":[{"href":"https:\/\/niagaralaw.ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/niagaralaw.ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/niagaralaw.ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/niagaralaw.ca\/wp-json\/wp\/v2\/comments?post=5900"}],"version-history":[{"count":1,"href":"https:\/\/niagaralaw.ca\/wp-json\/wp\/v2\/posts\/5900\/revisions"}],"predecessor-version":[{"id":7938,"href":"https:\/\/niagaralaw.ca\/wp-json\/wp\/v2\/posts\/5900\/revisions\/7938"}],"wp:attachment":[{"href":"https:\/\/niagaralaw.ca\/wp-json\/wp\/v2\/media?parent=5900"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/niagaralaw.ca\/wp-json\/wp\/v2\/categories?post=5900"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/niagaralaw.ca\/wp-json\/wp\/v2\/tags?post=5900"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}