Land Transfer Tax Rebate in Toronto
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 is $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.
The Land Transfer Tax Rebate in Toronto is payable only for properties in the City of Toronto. The maximum a first-time home buyer can receive is $3,725, and rebates are in addition to any provincial LTT rebate the buyer qualifies for.
The home buyer is considered 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 any time. Additionally, if a spouse is involved, they cannot have owned a home or had any ownership interest in a home while they were the purchaser's spouse.
For more information on the Land Transfer Tax Rebate in Toronto and guidance on buying a condo, contact the real-estate team at Toronto Condo Team. Check out our condo buyers guide to learn more.