Land Transfer Tax Credit
I purchase a place together with another person (non-spousal) (50-50%), I am the first time home buyer, the co-owner is not. Ontario Land Transfer Tax Credit is 4000$, but since I am co-owner with another person, I am eligible for 50% of the credit, 2000$. The lawyer did the rebate during closing and that amount actually went toward the cost of house.
Now we are selling the house, I believe I should get back that 2000$ because it was credited under my name as a first time home buyer, I technically used that 2000$ credit and put it toward the house. So basically I contributed extra 2000$ toward the house.
Does that make sense to anyone? The person is not agreeing with this and said that "If you didn't purchase the house you wouldn't have that 2000$ credit, we agreed to purchase the place together so you used your credit. And your name is on the house and when we made a profit we both benefit from it. You did not fork out extra 2000 out of your pocket, it was a rebate" - I'm not sure what that logic is......
Now we are selling the house, I believe I should get back that 2000$ because it was credited under my name as a first time home buyer, I technically used that 2000$ credit and put it toward the house. So basically I contributed extra 2000$ toward the house.
Does that make sense to anyone? The person is not agreeing with this and said that "If you didn't purchase the house you wouldn't have that 2000$ credit, we agreed to purchase the place together so you used your credit. And your name is on the house and when we made a profit we both benefit from it. You did not fork out extra 2000 out of your pocket, it was a rebate" - I'm not sure what that logic is......
