Find out what first-time buyers can get back on provincial and Toronto land transfer taxes
First-time buyers of new and re-sale homes are eligible for rebates on provincial and Toronto land transfer taxes. The maximum that first-time home buyers can receive for provincial land transfer tax (LTT) is $2,000 and for the Toronto LTT it’s $3,725.
The provincial LTT is payable anywhere in Ontario, including Toronto. The maximum that a first-time buyer can receive for the provincial LTT is $2,000.
For re-sale homes, the provincial rebate only applies to first-time buyers who entered into Agreements of Purchase and Sale after December 13, 2007.
Toronto LTT is payable only for properties in the City of Toronto. The maximum a first-time home buyer can receive is $3,725.
The Toronto LTT rebates are in addition to any provincial LTT rebate the buyer qualifies for.
The buyer is considered to be a first-time buyer for the provincial and Toronto LTT if they are at least 18 years of age and must not have previously owned a home anywhere in the world at any time.
If a spouse is involved, the spouse cannot have owned a home or had any ownership interest in a home while he/she was the purchaser’s spouse.
Mahmood can walk you through every cost associated with your purchase so there are no surprises on closing day.
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