First-time buyers of new and re-sale homes are eligible to receive rebates of the provincial and Toronto land transfer taxes (LTT). The maximum provincial land transfer tax rebate for first-time buyers is $2,000 and the maximum Toronto LTT rebate for first time buyers is $3,725.
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). Speak to your lawyer to determine what you will pay.
Toronto LTT First-time buyers of new and re-sale homes are eligible to receive rebates of the provincial and Toronto land transfer taxes.
• Toronto LTT is payable only for properties in the City of Toronto.
• Maximum Toronto LTT first-time buyer rebate is $3,725 (equivalent to the Toronto LTT payable on a $400,000 property).
• Toronto LTT rebates are in addition to any provincial LTT rebate that the buyer qualifies for.
* Speak to you lawyer to dtermine the amount of rebate you will receive as an individual 1st time buyer or as a 1st time buyer couple.* This rebate will be applied to the amount owing on LTT at the time the property closes.