The biggest source of confusion seems to be over the issue of owning a home in the past. The Property Transfer Tax Act states that a person must never have owned an interest in a home as a principal residence anywhere in the world at any time. If a person has previously owned a home as a principal residence, anywhere in the world, they are not considered first time home buyers and are required to pay the tax. This is different from the rules regarding financing, which allows a person to be considered a first time home owner again after a period of 5 years of not owning a home.
There are a number of other requirements which clients need to meet. These can be found on our website, www.bellspag.com
Info from their website:
There are a number of exemptions available to purchasers so that the tax is not payable. The most common is the exemption for "First Time Home Buyers." To qualify for an exemption to the Property Purchase Tax as a First Time Home Buyer, the following criteria must be met: