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

Ontario (including Toronto)

rebate is $2,000 (equivalent to the provincial

LTT payable on a $227,500 property).

applies only to first-time buyers who

entered into Agreements of Purchase and

Sale AFTER December 13, 2007.

HOMES are eligible for the provincial rebate

even if they entered into Agreements of

Purchase and Sale prior to December 13,

2007.

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

in the City of Toronto.

rebate is $3,725 (equivalent to the Toronto

LTT payable on a $400,000 property).

Agreement of Purchase and Sale prior to

December 31, 2007 is eligible for a FULL

rebate of the Toronto LTT.

provincial LTT rebate that the buyer

qualifies for.

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,

age.

or her principal residence no later than nine

months after the date of the conveyance or

disposition.

owned a home, or had any ownership

interest in a home, anywhere in the world,

at any time.

cannot have owned a home, or had any

ownership interest in a home, anywhere in

spouse. If this is the case, NO refund is

available to either spouse. Note: If a

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.

Speaking Engagements

Navtaj Chandhoke can be your next key note speaker for real estate office meeting or Canadian real estate investment conventions, expos or trade shows.please contact us for topics and availability.

Please contact us directly at Pam@WorldWealthBuilders.com or 647-393-6100 to set up a session at your meeting or convention.

Reserve your seat now at

[img]http://www.worldwealthbuilders.com/wp-content/uploads/480px60px.gif[/img]

P.S. Success isn’t a matter of chance, it’s a matter of choice. So it’s up to you to make the right choice to become successful. If you don’t know what to do it starts with making the choice to register for this LIVE real estate investors training in your town now at and making sure you make the right choice to SHOW UP!!! Learn more to earn more about CanadianTax sale properties.

To learn the strategies, techniques and Eye Witness Real Estate Investors Field Training. How to acquire Tax Sale Properties & Sheriff Sale Properties, Click Here