Two Types of First-Time Homebuyer
By Zachary Soccio-Marandola · · View online →
The Legal Newsletter for Ontario REALTORS®
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There's 2 definitions of a “First-Time Homebuyer”.
The LTT Rebate follows a strict “never owned anywhere” test, while the FHSA uses a “never lived in during the past 4 years” test.
Your client may qualify for one and not the other.
There's more than one definition of a First-Time Homebuyer (FTHB).
It depends on the context.
In Ontario, we use the FTHB designation for 2 key programs:
- Land Transfer Tax (LTT) Rebate
- First Home Savings Account (FHSA)
The problem?
They use