Super Hall of Fame Top Producer Albert Lai
905-272-3434
Re/Max Realty Specialists Inc., Brokerage
allai@trebnet.com



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  Land Transfer Tax Rebate Program

 

First-time buyers of new and re-sale homes are eligible to receive rebates of the provincial and Toronto land transfer taxes. The maximum provincial land transfer tax (LTT) rebate for first-time buyers is $2,000 and the maximum Toronto LTT rebate for first time buyers is $3,725.

 

Details

 

Provincial Land Transfer Tax (LTT)

Provincial LTT is payable anywhere in Ontario (including Toronto)

 

Maximum provincial LTT first-time buyer rebate is $2,000 (equivalent to the provincial LTT payable on a $227,500 property).

 

For RESALE homes, the provincial rebate applies only to first-time buyers who entered into Agreements of Purchase and Sale AFTER December 13, 2007.

 

First-time buyers of NEWLY CONSTRUCTED HOMES are eligible for the provincial rebate even if they entered into Agreements of Purchase and Sale prior to December 13, 2007.

 

The provincial LTT for residential properties is calculated as follows (An easy-to-use calculator is available at www.NoHomeBuyingTax.com):

0.5% of the amount of the purchase price up to and including $55,000, plus

1% of the amount of the purchase price between $55,000 and $250,000, plus

1.5% of the amount of the purchase price between $250,000 and $400,000, plus

2% of the amount of the purchase price above $400,000

 

 

Toronto Land Transfer Tax

 

Toronto LTT is payable only for properties in the City of Toronto.

 

Maximum Toronto LTT first-time buyer rebate is $3,725 (equivalent to the Toronto

LTT payable on a $400,000 property).

 

Toronto LTT rebates are in addition to any provincial LTT rebate that the buyer
qualifies for.

 

The Toronto LTT for residential properties is calculated as follows (An easy-to-use calculator is available at www.NoHomeBuyingTax.com):

0.5% of the amount of the purchase price up to and including $55,000, plus

1% of the amount of the purchase price between $55,000 and $400,000, plus

2% of the amount of the purchase price above $400,000

 

First-Time Buyer Eligibility

 

To be eligible as a first-time buyer for the provincial LTT rebate and/or Toronto LTT rebate,

 

The purchaser must be at least 18 years of age.

 

The purchaser must occupy the home as his or her principal residence no later than nine months after the date of the conveyance or disposition.

 

The purchaser cannot have previously owned a home, or had any ownership interest in a home, anywhere in the world, at any time.

 

If the purchaser has a spouse, the spouse cannot have owned a home, or had any ownership interest in a home, anywhere in the world while he or she was the purchaser’s spouse.

 

If this is the case, NO refund is available to either spouse. Note: If a purchaser’s spouse owned an interest in a home BEFORE becoming the purchaser’s spouse, but not while the purchaser’s spouse, the purchaser may be eligible for some rebate.

 

More Information


Provincial LTT:
Ontario Ministry of Finance:
1-800-263-7965

 

Toronto LTT:
City of Toronto: 416-338-0338

 

 

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