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Last Login: 9/25/2008 7:55:23 AM
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peach125 (7/10/2008)
Spiderbabe (7/10/2008)
For a first time home buyer, they are now exempt from having to pay this.Exempt to pay what? my understanding is that first timers are exempt for at least a portion of land transfer tax on a resale and GST on a new build, is that what you are referring to? However, other closing costs still apply: utility hook ups, title registrations, mortgage registration, legal fees, plus anything named in your agreement of purchase and sale. First time homebuyers do not pay land transfer tax
- ~Married my best friend on May 31st 2008
 ~ - ~Bought our home July 31st 2008~
- ~TTC is TBD
 ~
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Group: Forum Members
Last Login: 11/28/2008 11:03:26 AM
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If you buy new, you will still have to pay for you utility charges, lawyers, and any appraisal fees that your mortgage company may charge to you (as well as whatever cmhc charges if you are putting less than 20% down).
Last month the gov finally passed the land transfer tax rebate for first time buyers of resale homes as well. This allows a credit of up to $2000 on the land transfer tax.
We did it After 7 years, we finally made it official  Such an amazing evening!
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missdish (7/11/2008)
peach125 (7/10/2008)
Spiderbabe (7/10/2008)
For a first time home buyer, they are now exempt from having to pay this.Exempt to pay what? my understanding is that first timers are exempt for at least a portion of land transfer tax on a resale and GST on a new build, is that what you are referring to? However, other closing costs still apply: utility hook ups, title registrations, mortgage registration, legal fees, plus anything named in your agreement of purchase and sale. First time homebuyers do not pay land transfer tax Actually..i believe first time home buyers do indeed pay a land transfer tax...the "land tranfer" they are referring to is transferring the name from the previous owners to yours...or...something like that....yes the goverment is offering rebates but couples should expect to pay this up front and THEN get it back after you apply for it...so..as a cost...yes...expect it(but then you get it back)...in my prevous post i put the website where you can see how much yours is going to be!
Chulie ~Countdown to November 1,st 2008~
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chulie (7/16/2008)
[quote]missdish (7/11/2008)
[quote]peach125 (7/10/2008)
[quote]Spiderbabe (7/10/2008)
Actually..i believe first time home buyers do indeed pay a land transfer tax...the "land tranfer" they are referring to is transferring the name from the previous owners to yours...or...something like that....yes the goverment is offering rebates but couples should expect to pay this up front and THEN get it back after you apply for it...so..as a cost...yes...expect it(but then you get it back)...in my prevous post i put the website where you can see how much yours is going to be!This is correct. You have to pay it and then you send in the paper work to get it back so yes you are putting the money initially. At first I didn't like that but now when our cheque arrives it will be like a bonus cheque for us.
~ June 28, 2008 ~ This day I married my best friend! Trying for baby #1
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Jenn2008 (7/16/2008)
chulie (7/16/2008)
[quote]missdish (7/11/2008)
[quote]peach125 (7/10/2008)
[quote]Spiderbabe (7/10/2008)
Actually..i believe first time home buyers do indeed pay a land transfer tax...the "land tranfer" they are referring to is transferring the name from the previous owners to yours...or...something like that....yes the goverment is offering rebates but couples should expect to pay this up front and THEN get it back after you apply for it...so..as a cost...yes...expect it(but then you get it back)...in my prevous post i put the website where you can see how much yours is going to be!This is correct. You have to pay it and then you send in the paper work to get it back so yes you are putting the money initially. At first I didn't like that but now when our cheque arrives it will be like a bonus cheque for us. I agree!!! hahaha.....question though...i thought i read something about you have to be married or living common law....so...since i wont be living with fh before we buy the house and we dont get married till novmeber...does this mean we cant apply for it until november?
Chulie ~Countdown to November 1,st 2008~
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Planning Addict
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chulie (7/17/2008)
Jenn2008 (7/16/2008)
chulie (7/16/2008)
[quote]missdish (7/11/2008)
[quote]peach125 (7/10/2008)
[quote]Spiderbabe (7/10/2008)
Actually..i believe first time home buyers do indeed pay a land transfer tax...the "land tranfer" they are referring to is transferring the name from the previous owners to yours...or...something like that....yes the goverment is offering rebates but couples should expect to pay this up front and THEN get it back after you apply for it...so..as a cost...yes...expect it(but then you get it back)...in my prevous post i put the website where you can see how much yours is going to be!This is correct. You have to pay it and then you send in the paper work to get it back so yes you are putting the money initially. At first I didn't like that but now when our cheque arrives it will be like a bonus cheque for us. I agree!!! hahaha.....question though...i thought i read something about you have to be married or living common law....so...since i wont be living with fh before we buy the house and we dont get married till novmeber...does this mean we cant apply for it until november? I don't think you have to be married or common law, you just BOTH have to be first time buyers. I wish you didn't have to put the money out and apply to get it back...only because I could really use the extra 2 grand for the wedding right now :S
Moved into our first home July 25th, 2008! Got married on August 23rd, 2008 in New Brunswick! BEST. PARTY. EVER.
Now just renovating the house.
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Group: Forum Members
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| We had NO closing costs. My Aunt is a notary so we just paid her $100 for her admin assist. time, then because we were first time buyers there was no other costs, no tax etc. The house is in DH name, we didn't put me on it, so we can use the first time buyers again, when we buy our next home.......... 4 Years till we buy it (that is when its being sold) the count down is on......
Live, Laugh, Love, But always Dream.....Married: June 27th, 2008 Baby #2 Due: April 2009
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