Land Transfer Tax Rebate Toronto
First-time buyers of new and re-sale homes are eligible for land transfer tax rebates on provincial and Toronto taxes. The maximum that first-time home buyers can receive for Ontario land transfer tax (LTT) is $2,000 and for the Toronto land transfer tax it’s $3,725.
The provincial Land Transfer Tax is payable anywhere in Ontario, including Toronto. As mentioned before, the maximum that a first-time buyer can receive for the provincial Land Transfer Tax Rebate 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 Land Transfer Tax is payable only for properties in the City of Toronto. The maximum a first-time home buyer can receive is $3,725. The Toronto Land Transfer Tax rebates are in addition to any provincial Land Transfer Tax rebate the buyer qualifies for.
The buyer is considered to be a first-time buyer for the provincial and Toronto Land Transfer Tax if they are at least 18 years of age and must not have previously owned a home anywhere in the world at anytime. 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.