Land Transfer Tax Refund for First time home buyers?

[TigerEric]

Hi,

My girlfriend and I are both first time home buyers. We are both planning to buy a condo together. I know there is a rebate for first time home buyers for both municipal land transfer tax and provincial land transfer tax.

So if we both buy the condo together, does that mean we both use up our chance to get a rebate?

So in the future if we decide to get a house together, then we won't qualify for any land transfer tax rebate?

If this is the case, what is the best way for us to both maintain our eligibility for a refund? Does it mean that only one of us buys the condo now, and that leaves the other still eligible for a rebate in the future? how will the mortgage work if one person buys the condo but both of us are contributing to mortgage?

please advise. thanks.

 

[simuls]

Best way is for only one of you to be on the Title, etc. and then you can use the second one - especially since you're not married. Not meaning to be a downer, but Ontario doesn't have property possession rights in its common law practice and if both of you are putting money into this I would forgo the 2nd possible rebate because if you break up whoever is not on the title could be out all their money if it's acrimonious. I'm sure you're both lovely and madly in love, but it's an important thing to consider.