If you’re a first-time home buyer in Ontario, the process can get overwhelming quickly. From applying for mortgages, obtaining your down payment and planning your move-in, there’s a lot to do, and it can get pretty expensive. To help manage the costs of residential property purchases, the government offers a few programs, including the Land Transfer Tax Rebate and the HST Rebate in Ontario, designed to help save on the cost of a new home. For help choosing the right rebates and maximizing your return, reach out to the experts at Rebate4U. With over a decade of experience, you can count on a stress-free experience as our knowledgeable rebate specialists to guide you through your process.
Here’s what you should know about the rebates available to you as a first-time home buyer in Ontario.
Benefits of Rebates for Ontario First-Time Home Buyers
The most notable benefit of applying for any residential rebate is the cost savings. Not only do you get to buy your first home, but you can also get back the extra cash to transform it into your dream home. With professional guidance from a rebate specialist, your application process can be easy and stress-free.
The HST Rebate in Ontario
While the HST Rebate in Ontario is not exclusive to first-time home buyers, it can go a long way in minimizing the expense of purchasing a new property. The HST Rebate applies to anyone buying a new residential property that will serve as their primary residence. If you are building your home from the ground up or significantly renovating your newly purchased property, you will need to apply for the HST rebate in Ontario independently of the builder to get your money back. In Ontario, a 13% tax (harmonized sales tax) applied to all purchases. The HST Rebate in Ontario is designed to give residential property owners a portion of the amount spent on HST back. A successful rebate application can mean tens of thousands of dollars back in your pocket. Offered through Canada Revenue Agency, there are strict eligibility requirements for the HST Rebate program. To find out if you fit, reach out to Rebate4U. Our specialists have been helping property owners apply for the HST rebate for more than ten years and can help you too.
The Land Tax Transfer Rebate
Whenever you buy a new residential property in Ontario, you’re taxed about 2 percent of the purchase price under the provincial and federal Land Transfer Tax. If you are a first-time home buyer in Ontario, you can get a portion or the entirety of the land transfer tax back from the government, which in some cases, can amount to a substantial sum that can go back into your pocket or upgrade your home. To qualify for this rebate in Ontario, any name on the title of the property must be a first-time home buyer.
Rebate Applications with Rebate4U
To find out if your new residential property qualifies for a rebate, book a consultation with the Rebate4U team. Our experts will assess your eligibility and help you find any other rebates you may be eligible for, so you can get the most back on your new home purchase.
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