Home ownership has been part of the Canadian Dream for a long time. Today it is as powerful as ever. It’s a source of financial security, drives economic activity and binds communities together. The benefits of home ownership are why we all fight so hard to protect it and make it more affordable for young families.
The new Ontario LTT Rebate became effective January 1st, 2017. Ontario has doubled the land transfer tax rebate for first-time home buyers from $2,000 to $4,000. That means that a first-time home buyer will pay NO provincial tax on homes sold for $368,000 or less. This can buy a pretty nice property in our lovely Bruce County, Ontario.
Everyone who buys property in Ontario pays Land Transfer Tax. The Kincardine or Port Elgin area is no exception for Bruce Power home buyers. First time home buyers have been eligible for a refund of all or part of the tax. Now, if you are at west 18 years of age you can get $4,000 back on the tax if the new purchase is your first home ownership ever in any part of the world. It does not matter whether you purchase, get a gift or an inheritance to be eligible.
For more detail visit First Home Rebate website where you will learn more about the rules, there is an informative video, a calculator as well as tools to help you.
So whether you are a current resident ready to take the plunge and start earning the benefits of home ownership or a new Bruce Power recruit ready to settle into this great area this is a benefit you needs your attention.
If I can be of assistance just let me know. Call me 519-389-7153. Happy to help.
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