Real Estate

Joint Ownership - First Time Home Buyer Rebate

  • Last Updated:
  • Feb 14th, 2018 9:29 pm
[OP]
Newbie
Jun 17, 2015
48 posts
4 upvotes
Thornhill, ON

Joint Ownership - First Time Home Buyer Rebate

Hi all,

I'm planning to purchase a property together with my sister as co-owners. I am not a first time home buyer, however my sister is.

Will she be eligible for the first time home buyer LTT rebates and tax credits?

Thanks!
2 replies
Member
Dec 21, 2010
238 posts
154 upvotes
Assuming 50-50 ownership, your sister will get half of the land transfer tax rebate. Your sister can participate in first time home buyer plan (RRSP) and claim the full first time home buyer deduction.
Deal Addict
User avatar
Oct 13, 2008
4951 posts
1836 upvotes
hereforit wrote: Hi all,

I'm planning to purchase a property together with my sister as co-owners. I am not a first time home buyer, however my sister is.

Will she be eligible for the first time home buyer LTT rebates and tax credits?

Thanks!
The First Time Homebuyer Land Transfer Tax deduction is based on the percentage of the ownership.

If it is 50%-50% then the MAXIMUM amount your sister can claim is $2000 for Ontario portion of the LTT and $2000 for the Toronto portion of the LTT.

If the split is 25% yourself and 75% for your sister ... then the MAXIMUM amount your sister can claim is $3000 for Ontario portion of the LTT and $3000 for the Toronto portion of the LTT.

The Toronto portion ONLY applies if you are purchasing within the TORONTO Boundaries ...

There are NO OTHER benefits for a First Time Homebuyer.

From the bank's perspective .... you can WD your RRSPs for First Time Homebuyers but you are required to put money back into the RRSP annually at the calculations provided by the government. Check with the Bank.
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