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These are good news for
anyone looking to purchase a new or a resale house, condominium apartment,
condominium townhouse.
News Release | December 13,
2007 | Government of Ontario | Ministry of Finance
ONTARIO
EXPANDS LAND TRANSFER TAX REFUND PROGRAM
First-time
buyers of resale homes to benefit from new tax measure
The McGuinty government is giving all first-time homebuyers
a break on land transfer tax by proposing to expand the Land Transfer Tax
Refund Program to include purchases of resale homes, Finance Minister Dwight
Duncan announced today.
"Expanding this Land Transfer Tax refund is an important
part of our government's commitment to helping Ontarians buying their first
home," Duncan said.
Effective midnight tonight, first-time buyers of resale
homes, as well as newly constructed homes, would be eligible for a refund
from the provincial government of up to $2,000 of the Land Transfer Tax
paid.
The expanded Land Transfer Tax Refund Program for
First-time Homebuyers is part of a package of new tax initiatives announced
in the 2007 Fall Economic Outlook and Fiscal Review that would provide $1.4
billion in provincial tax relief for business and people over three years.
The government is making strategic investments in
people, communities and infrastructure to strengthen Ontario's economic
advantage and help manufacturers and other sectors challenged by current
economic conditions.
 Read More or
call us to find
that house, townhouse, condominium you will be proud to
call home
The Home Buyers'
Plan (HBP)
Is a program under
which you can, generally, withdraw up to $20,000 from your retirement savings
plan (RRSPs) to buy or build a qualifying home. Withdrawals that meet all
applicable HBP conditions do not have to be included in your income, and
your RRSP issuer will not withhold tax on these amounts. However, before
you can withdraw funds you must have entered into a written agreement to
buy or build a qualifying home which you must occupy no later than one year
after buying or building the home.
 If
you buy the qualifying home together with your spouse or other individuals,
each of you can
withdraw up to $20,000. You cannot withdraw an amount from your RRSP under
the HBP if you or your spouse owned the home more than 30 days before the
date of your withdrawal.
Withdraw up to $40,000.
You have to meet the
first-time buyer's condition. You are not considered a first-time home buyer
if you or your spouse owned a home that you occupied as your principal place
of residence in the past 5 years. To determine past 5 years, the 4 years
preceding the year you make your withdrawal plus the period in the year
you make your withdrawal ending 31 days before your withdrawal is the rule
adopted.
 Home
buyers withdrawing funds do not have to pay income tax on the amount withdrawn,
as long as the funds are repaid into an RRSP in the future.
Call us
now at 905-567-7743 or
just click to send us a note
and we will help you in this
maze and make sure you don't just get the best deal in town but you receive
all the credits and refunds that are due to you
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