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PostPosted: Sat Mar 23, 2013 12:29 pm 
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Joined: Mon Sep 03, 2012 10:51 am
Posts: 12
Is the first time home buyers tax credit claimed in the purchase year or the closing year? (I.e. If I purchased a new build in February 2012, but do not close until May 2013, do I claim the $5000 credit in 2012 or 2013?)

I can't seem to find any documentation that clarifies this point.

Thanks.


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PostPosted: Sat Mar 23, 2013 1:59 pm 
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Joined: Sun Feb 21, 2010 6:46 pm
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You haven't purchased anything until the house closes. You claim the tax credit in the year you close.


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PostPosted: Sun Mar 24, 2013 3:51 pm 
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Joined: Mon Sep 03, 2012 10:51 am
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That makes sense - thanks!


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PostPosted: Mon Jul 29, 2013 9:35 pm 
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Joined: Fri Jul 24, 2009 11:19 pm
Posts: 33
Location: Milton
The first time home buyer's land transfer tax rebate is applied as an instant credit to reduce the land transfer tax otherwise payable to the Ontario Minister of Finance by up to $2,000. It is applied at the time that you take title to the property (when you pay for the property and close the deal). If you are buying in the City of Toronto, there is also a credit available to first time buyers for the full amount of the otherwise-payable Toronto Land Transfer Tax.

In order to qualify as a first time home buyer, you must not have owned a home anywhere in the world and you must occupy the home as your primary residence within 9 months after taking title.

I hope this helps.


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