What do I need to do in the first year after buying my home?

Refunds and credits with deadlines

The Ontario land transfer tax refund for first-time buyers is normally claimed at registration; if it was not, the application must be made within 18 months of the transfer. Toronto's rebate is claimed separately. On a new home the GST/HST new housing rebate is usually credited by the builder; if not, apply to the CRA within the deadline in guide RC4028.

On your next income tax return claim the federal home buyers' amount on line 31270 if you qualify, and moving expenses if the move was for work. Home Buyers' Plan repayments begin on the CRA's schedule and must be reported each year; an FHSA must be closed by the CRA's deadline after a qualifying withdrawal.

Property tax, assessment and utilities

The municipality bills the owner on the roll, so confirm the account is in your name and set up payments. The tax adjustment on your statement of adjustments used the seller's bills; the final bill for the year may differ. MPAC sets the assessed value, and you can ask for a reconsideration by the deadline on the notice if it looks wrong.

New homes are often assessed on land only at first. A supplementary assessment for the house follows, sometimes many months later, with a catch-up bill. Budget for it. Utilities, water and waste accounts also need to be opened in your name from the closing date.

New home: Tarion's first-year forms

Two forms protect a new home's warranty in year one. The 30-day form is submitted within the first thirty days after possession and lists defects noticed after the pre-delivery inspection. The year-end form is submitted in the last thirty days of the first year. Items missed from both may fall outside the one-year coverage, though two- and seven-year items remain. Keep the PDI form, every builder notice and photographs, and note that complaints about the builder's conduct go to the HCRA rather than Tarion.

Principal residence, title and your will

When you eventually sell, the principal residence exemption under the Income Tax Act can shelter the gain, but only for years you designate the property, so keep purchase and improvement records from the start. Our reporting letter records how title is held: joint tenants inherit from each other automatically, tenants in common pass their share by will.

Buying property is the point at which most people make or update a will and sign powers of attorney. A mortgage makes that more important, not less. Treadstone Law prepares wills and powers of attorney for a published flat fee.

Condominium owners: the corporation's paperwork

Give the corporation your details as the new owner so that notices, information certificates and meeting packages reach you. Read the periodic information certificates, attend the annual general meeting, and watch the reserve fund and any special assessment. Insure the unit's improvements and contents and the corporation's deductible under the standard unit by-law. Disputes about records, rules and charges go to the Condominium Authority Tribunal.