Montreal Home Ownership Financial Assistance Program

[Navtaj Chandhoke]

Montreal Home Ownership Financial Assistance Program

With its many benefits, the Home Ownership

program could make your dream more attainable.

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Get a latest copy of

Directory of Forgivable real estate grants,

rebates and tax credits at

take advantage of:

A lump sum financial assistance when you purchase a new property;

A refund of your “welcome” tax if you are a family with at least

one child who is under 18 and you purchase a new property or

an existing residential building with 1, 2 or 3 above-ground dwelling units;

residential building with 1, 2 or 3 above-ground dwelling units.

If you already own a property, or have owned one in the last

five years, you are entitled to receive:

A refund of your “welcome” tax if you are a family with

at least one child under 18 and you purchase a new property

having at least 3 closed bedrooms with windows.

Bonus for families!

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Families with at least one child who is under 18 are entitled to receive:

6 months of free public transit on purchase of a one-year

OPUS full-fare pass (one free pass per household);

on many activities offered in the cultural metropolis.

Who is eligible for Montreal

Home Ownership Financial Assistance Program

Households who buy a first property

that is a new residential unit;

Families with at least one child under 18

who buy a first property that is an existing

residential building with 1, 2 or 3 above-ground d

welling units;

Families with at least one child under 18 who

already own a property (or have owned one in

the last 5 years) and purchase a newly-built 3-bedroom property.

What type of property is eligible?

types of properties can qualify for financial assistance:

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A new residential unit whose total purchase price,

including taxes and extras, does not exceed the stipulated amount;

An existing, exclusively residential building whose

purchase price does not exceed the stipulated amount

and that includes 1, 2 or 3 above-ground dwelling units.

For buildings with 2 or 3 above-ground dwelling units,

at least one of them must be offered for rent on the

date that the financial assistance is paid.

Are there any specific program requirements?

For all property types:

The buyer is a physical person.

Each of the applicants must prove that he/she

in the last 5 years, including as a result of an

inheritance. Families who have owned a property

in the last 5 years can still get a transfer tax refund

if they purchase a new, 3-bedroom family housing unit.

This 5-year period is based on the dates when the sale

of the previous property and the purchase of the new

one were recorded in the Land register.

To be considered a household with children, the household

must include at least one child who is under 18 years of

age on the date of purchase or who will be born or adopted

within 9 months of that date. In addition, the child must

reside with the applicant at least 40 % of the time.

The date of purchase is the date of registration of the

transaction in the Land register.

When the application for financial assistance is made

following the signing of an offer-to-purchase (preliminary contract),

the delay between the submission of the application and the

anticipated date of the transaction (deed of sale) must not

exceed 18 months. Applicants then have 6 months from the

date of purchase to provide all documents required to receive

payment of the financial assistance.

When the application for financial assistance is made on the

basis of a deed of sale, it must be submitted within 6 months

of the date of purchase. Applicants then have 6 months from

the approval of the financial assistance to provide all documents

required to receive payment of the financial assistance.

DISCLAIMER

We believe the information contained in this

article to be accurate.It is presented with the

understanding that we are not engaged in

rendering legal,accounting, or investment advice.

When professional assistance is required,

utilize the services of a licensed real estate

broker, lawyer, accountant,

or other consultant as may be required.

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