Know about the Land Transfer Tax Rebates in Toronto
First-time buyers of new and re-sale homes are eligible for land transfer tax rebates – Toronto and provincial. The maximum that first-time home buyers can receive for provincial land transfer tax (LTT) is $2,000 and the land transfer tax rebate for Toronto is $3,725.
The provincial LTT is payable anywhere in Ontario, including Toronto. As mentioned before, 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.
Land transfer tax for Toronto is payable only for properties in the City of Toronto. The maximum a first-time home buyer can receive is $3,725. The land transfer tax rebates for Toronto 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 have not previously owned a home anywhere in the world at any time. If a spouse is involved, the spouse also should not have owned a home or had any ownership interest in a home while he/she was the purchaser's spouse.