Sunday, December 16, 2007

New Tax Savings for First-Time Homebuyers

The Ontario Ministry of Finance announced a new tax measure that directly benefits First-time homebuyers. Effective December 14th, 2007 the Government of Ontario is giving all first-time homebuyers a break on the land transfer tax by expanding the Land Transfer Tax Refund Program to include purchases of resale homes as well as the original new home builds.

“Expanding this Land Transfer Tax refund is an important part of our government’s commitment to helping Ontarians buying their first home.” Finance Minister Dwight Duncan announced.

Effective now first-time homebuyers are eligible for a refund from the provincial government of up to $2000 of the Land Transfer Tax paid. This new incentive is part of the new tax initiatives in the 2007 Fall Economic Outlook and Fiscal Review and is part of $1.4 billion in provincial tax relief for businesses and people over 3 years.

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“Helping Good People Get A Great Home”