First Time Home Buyers of new and re-sale homes are eligible for rebates on provincial (Ontario) and Toronto land transfer taxes.
For home purchases and sales that occured before January 1, 2017, the maximum amount of the refund was $2,000.
Beginning January 1, 2017, the maximum amount of the refund is $4,000. The increased limit of $4,000 applies only to purchases and sales that occur on or after January 1, 2017, regardless of the date the agreement of purchase and sale was signed.
Beginning January 1, 2017, no land transfer tax would be payable by qualifying first‑time home buyers on the first $368,000 of the value of the sale price for eligible homes. First‑time home buyers of homes greater than $368,000 would receive a maximum refund of $4,000.
Beginning January 1, 2017, eligibility for the first‑time homebuyers refund program is restricted to Canadian citizens and permanent residents of Canada.
The provincial LTT is payable anywhere in Ontario, including Toronto.
Toronto LTT is payable only for properties in the City of Toronto. The maximum rebate a first-time home buyer can receive on Toronto Land Trasfer Tax is $4,475. 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 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
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