• Supporting First Time Home Buyers
    LSG Group

First Time Home Buyers

LSG GROUP FIRST TIME HOME BUYER CREDIT: We acknowledge purchasing a property for the first time is a significant milestone for our clients. Purchasing a property, moving and the transitioning process that follows can be stressful in itself; at LSG Group we want to be there to assist every step of the way. The success of our clients’ first purchase is not only the most important but also the most influential. We aim to contribute to each clients’ aspirations of owning their first home, and in doing so we offer a credit of up to $5,000 in support of their first purchase in addition to government tax credits and refunds that are also available

FIRST-TIME HOME BUYER TAX CREDIT FEDERAL: In Toronto’s hot real estate market, it’s harder than ever for people to get their foot in the door. As part of Canada’s Economic Action Plan, in an effort to alleviate some of the harrowing costs involved in buying a first home, there are rebates designed to help first-time home buyers cover some of their expenses. The First-Time Home Buyer’s Credit (FTHBC) is a government program geared towards clients looking to acquire their first home. The objective of the program is to reduce costs associated with purchasing a home. As a first time buyer, clients are eligible for a 15% income tax credit on a maximum of $5,000 of home purchase costs such as legal fees and land transfer taxes. It can be claimed for the taxation year that the house is acquired. The First-Time Home Buyers’ Tax Credit rebate is valued at $750 for all first-time home buyers.

ELIGIBILITY To be eligible for this rebate, the purchaser:

• Must be buying a home within Canada

• Must intend to occupy the home within one year of purchase

• Cannot have lived in a home owned by you or your spouse within the previous 4 years

HOW TO GET IT To take advantage of this rebate, it must be claimed on the personal tax return for the year affiliated with the home’s purchase. If you purchased a condo where the occupancy date is one year but take ownership in a subsequent year, the claim will be rebated during the year the condo is registered with the city and the title is transferred to the client. Click here for full details on the First-Time Home Buyers’ Tax Credit.

LAND TRANSFER TAX REBATE FOR FIRST TIME HOME BUYERS MUNICIPAL: Under this rebate, first-time home buyers are eligible for a full or partial rebate on their Land Transfer Tax. Buyers in the city of Toronto are subject to a municipal Land Transfer Tax in addition to provincial Land Transfer Tax. Eligible home buyers can receive a maximum refund of $4,475 credited towards the Municipal Land Transfer Tax, and up to $4,000 on the Provincial Land Transfer Tax upon completion of a purchase.

ELIGIBILITY To be eligible for this rebate, the purchaser:

• Must be 18 years of age

• Must be a permanent resident of Canada

• Must intend to occupy the home within 9 months of the purchase

• Cannot have previously owned a property; if married and your spouse has previously owned a home, you are no longer eligible for this rebate

• Cannot have lived in a home owned by you or your spouse within the previous 4 years

HOW TO GET IT Purchasers must apply within 18 months of purchase to obtain their rebate. You can use this Form to apply for the Ontario Land Transfer Tax Refund. Click here

For further information on any of our services, properties or programs please feel free to send us an email to INFO@LSGINC.CA or call us at 416-283-0000 and one our representatives will be happy to assist you.