A provincial Land Transfer Tax (LTT) applies to all properties in Ontario, including Toronto. A separate Toronto land transfer tax applies to Toronto properties only (An easy-to-use calculator is provided below ).
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
• 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 - an easy-to-use calculator is available above.
