Am I Still Eligible for The Land Transfer Tax Credit If My Partner Owns Another Property?
Author: Boychuk Mortgage Group |
The quick answer is yes, you are.
The legality of your purchase includes you owning a percentage of your new home, and so does your co-signer. While your co-signer is looked at as a prior homeowner, their portion of the tax credit would not be exempt leaving your portion to still be exempt.
For example, you and your co-signer purchase your new home as “Tenants in Common” where you own 99% & your co-signer owns 1%. In this circumstance, you would be exempt from 99% of the taxes.