Buying Your First Home in the Belleville/Quinte Area~Land Transfer Tax Rebate

Residents of Ontario, Canada, are amongst the most highly taxed people in the world.
It's a known fact that the average Ontarion works half way through the year before earning a single dime for their own pocket. Prior to July most earnings fall prey to the ravenous tax monster.

If you're thinking of buying your first home, you can now give a small sigh of relief. The McGuinty government has just introduced a tax relief measure for first time home-buyers who are buying their fist home anywhere in Ontario, Canada.

Effective December 13, 2007, if you have signed an agreement of purchase and sale to buy your first home in Ontario, you may be eligible to apply for the land transfer tax rebate.

Certain conditions apply, and you will not receive your rebate until the bill passes legislature. However, you may apply for the rebate as long as your offer to purchase your first house was accepted and signed by the seller after December 13th, 2007.

In order to qualify for the Ontario Land Transfer Tax rebate, you must be 18 years of age and have never owned a home or had an interest in the ownership of a home, anywhere in the world previously. In addition, your spouse may never have owned a home or had an ownership interest in a home, while you were his/her spouse.

A wide variety of property types are eligible with the main stipulation being that the property become your principle residence within 9 months of taking ownership.
For a complete list of the types of houses/properties that qualify for the land transfer tax rebate in Ontario, click on this link.

Your refund application must be filed within 18 months of the closing taking place.
For details on how to apply for the land transfer tax rebate, see the following article that has been issued by the government of Ontario.

Unless you are buying a brand new home, the land transfer tax must be paid upon closing and until the bill becomes law, your land transfer tax and rebate application, will be held by the government.
It is fairly certain that this bill will become law and at that time your rebate will be sent to you, as long as you have applied for it.

This is a significant step towards helping first time buyers purchase a home in Ontario, as the land transfer tax can amount to a fairly sizable amount.
The maximum rebate which can be claimed is $2000.

Here is a simple calculator for determining what your land transfer tax will be on your home purchase and therefore the amount you can expect to have rebated.

Land Transfer Tax Calculator for Ontario

If you have any questions with regards to purchasing your first home, or with respect to the land transfer tax rebate, please do not hesitate to contact me. Buying your first home is one of the most exciting times in your life, and if I can make the transition to home ownership easier for you, I'm more than pleased to offer my assistance.

If you are considering buying in the Belleville, Quinte, Prince Edward or the surrounding areas in Ontario, and do not currently have a real estate sales representative who you are working with, I would be happy to provide you with my first time home-buyer's package and set you up to receive all suitable listings as they become available (this would cover all mls listings that fall within your guidelines).

It's the perfect time to purchase your first home. Interest rates are low, house prices are still reasonable and with the new land transfer tax rebate, you'll now have additional funds to spend on the other expenses that are incurred with home ownership !

©2008JoSmith

A Story In The Making.

The morning sun peeks mischievously around the corner of your breakfast cove window and falls upon your hand as you reach for your morning newspaper. A friend sits across from you and gazes out the window to the gently waving maple branches that grace your side yard. Your friend has never been to Belleville before and you are anxious to show them all the beauty that can be found here. Where should you take them ?

As you gaze in deep reflection at the tiny pink roses on your Tranquility coffee mug, an idea
enters your mind . Why, you’ll take them to The Corby Rose Garden !

This time of year is almost prime for viewing the hundreds of varieties of roses in the garden as their flower buds swell and begin to open. And the scents ! Did I mention the scents ? They’re glorious ! Yes. This is a perfect place to plan to spend a few hours today. You exuberantly tell your friend about The Corby Rose Garden and she agrees she would love to see it ! You decide to pack a small lunch to bring along. There are so many comfy old wooden benches resting serenely beneath the cool shade of giant old tulip trees, and the two of you have so much to catch up on . What better place than an old garden surrounded by beautiful roses and graceful trees ?

If you chance upon.......

I once watched a film on television, many moons ago, called 'Brigadoon'

It was an enchanting tale about a mystical hidden village in the highlands of Scotland that only came to life once every hundred years .

Two men chanced upon it and one of them fell in love with the village and a woman there. He wanted to stay. The villagers knew a secret and they were always happy . I remember the film gave me such a great feeling deep down in my heart and soul and even today when I think of it, that feeling overtakes me once again.

I have often thought Belleville, Ontario is a larger version of Brigadoon . The people here are 'go-out -of-your-way' friendly and the general mood is one of peace, laughing children, singing birds, ancient tree-lined streets and gentility.

One never lacks for things to do when one either lives in or is visiting Belleville . There are numerous white sand beaches within a 20 minute drive of the city . Listed below are the most popular ones and they each deserve to be put on your list of '101 things to do before I leave earth' ~

Sandbanks Provincial Park

North Beach Provincial Park

Presquile Provincial Park

Make sure and pack your wicker picnic basket with crisp cool carrot sticks, salmon or cucumber sandwiches, freshly baked chocolate chip cookies, and an assortment of drinks ...once you get there and are out enjoying the fresh lake breeze and soaking up the sun, your stomach will begin to rumble ! So pull out the old plaid camp blanket (that you remembered to pack) , set up a beach chair and an umbrella, and sit down to your own gourmet lunch in Nature's Paradise Restaurant . You might have to share the odd crumb with a ring-billed gull or two.

Stay tuned for more of 'things to do if you chance upon Brigadoon', err I mean , Belleville, tomorrow !