This Land Transfer Tax exemption was brought in by the provincial government in November 2016.
Prior to this was a rebate program designed strictly for first time buyers of brand new homes only.
As this is a government initiative there is always some issue as to whether or not it will continue into the future.
This exemption to paying Land Transfer Tax (LTT) now applies to first time buyers of new and resale homes!
The exemption is on the basis that it is an exemption and not simply a rebate and thus is not paid on closing if the proper affidavit is completed at closing by your lawyer.
The exemption is up to a maximum of $4000.
The person or persons claiming this exemption cannot have previously owned a home or a share of a home anywhere in the world.
The spouse of the applicant cannot have owned a home or an interest in a home anywhere during the time the parties were spouses.
Be sure when you do call your lawyer, after the offer to purchase has been forwarded by our team to their office, to ask that this document be ready for you to sign when you go in to sign all your closing documents.