What do You need to Know About Land Transfer Tax?
14 February 2022

The expenses linked with purchasing a home can be challenging for home buyers, and several costs need to be considered. Land transfer taxes are one such cost that is payable to the provincial government whenever a property is bought. You need to purchase land transfer tax payable to the city if you purchase a property here. The amount of land transfer taxes varies as per the property's purchase price. Potential homebuyers can also use seamless land transfer tax calculators provided online to understand how much land transfer tax is payable at first.

First time home buyer’s refund

If you are buying a home for the first time, you might be eligible to be the first-time home buyer refund. To apply for this, you must be at least 18 years old and occupy the property as the principal residence within nine months of the closing date. You cannot own residential property anywhere globally and not just in Canada. To be eligible for the home buyer refund, you must be a Canadian citizen.

Buying a home with a friend or a partner

Refund is likely to be reduced if you are buying a property with another individual who is not expected to be a first-time Mumbai. For example, if you are purchasing a property with your friend who is not a first-time home buyer, then you can only avail of 50% of the refund.A rebate is an all-or-nothing approach if married couples are buying a home. If your spouse has a home already, then the property must have been sold before your marriage for the qualifying spouse to claim their interest, and the partner's interest of the land transfer refund would be 100%. There will be no refund available to either spouse if the property is sold after the marriage date or if the spouse continues to hold the property.

If you are looking for a lawyer who can help you in the best possible way, you should understand your condition first.