Progress Report: Family

FACT: Nicola & Andrew's story - Binbrook, Ontario

Hi I'm Andrew Brennan.

And I'm Nicola.

Andrew: We live in Benbrook Ontario.

Nicola: And we are new parents of a seven month old son, and we are recent recipients of the Land Transfer Tax Rebate.

The Land Transfer Tax Refund is a grant that you can get from the gove
ment that first-time home-buyers are eligible for.

And you can receive up to $2000 off the Land Transfer Tax that you paid when you purchased your first home.

FACT: In the past only Ontarians buying a new home qualified for a tax refund. Now, first time homebuyers of new and re-sale homes are eligible.

Andrew: The whole idea of renting was getting a bit tiresome.

FACT: Over 18,400 Ontarians received the tax refund between April 2006 and March 2007.

Andrew: We decided it would be a good idea to put some money into some property.

Build some equity, instead of handing our cash over to a landlord.

And we've benefited from the sense of pride and autonomy that comes from owning our own house.

Nicola: Considering we do have a young son, and I'm on mate
ity leave, my income isn't the same as it would be if I was working, so it made a big difference for us.

FACT: The average cost of an existing Ontario home was $314,993 in June 2008.

Andrew: The money, more or less, came in when we needed it.

FACT: Lea
how you can apply for a tax rebate on the purchase of your first home. Visit Ontario.ca/landtaxes

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