Land Transfer Tax Rebates for Toronto-Ontario Canada

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Land Transfer Tax Rebates for Toronto-Ontario Canada

Post: # 45704Post Flipping4Profit.ca
Fri Aug 21, 2015 5:14 pm

Land Transfer Tax Rebates for Toronto-Ontario Canada


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. A FULL rebate of the Toronto land
transfer tax is also available for ALL buyers
who entered into Agreements of Purchase and
Sale prior to December 31, 2007.
Details

Provincial LTT Land Transfer Tax

• 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 http://www.NoHomeBuyingTax.com):

o 0.5% of the amount of the purchase price
up to and including $55,000, plus
o 1% of the amount of the purchase price
between $55,000 and $250,000, plus
o 1.5% of the amount of the purchase price
between $250,000 and $400,000, plus
o 2% of the amount of the purchase price
above $400,000

Toronto LTT 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).
• ANY purchaser who entered into an
Agreement of Purchase and Sale prior to
December 31, 2007 is eligible for a FULL
rebate of the Toronto LTT.
• 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
http://www.NoHomeBuyingTax.com):
o 0.5% of the amount of the purchase price
up to and including $55,000, plus
o 1% of the amount of the purchase price
between $55,000 and $400,000, plus
o 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

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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