Land Transfer Tax | Costs when Buying a Home
In Ontario, Home Buyers need to pay a provincial Land Transfer Tax (LTT) when they purchase a home. The amount of Land Transfer Tax varies depending on the purchase price of your home. Is your property Located in Toronto? Home Buyers in Toronto incur an additional municipal tax which is added on to the Ontario Land Transfer Tax Amount. Are you a First-Time Home Buyer? You may be entitled to the Ontario First-Time Home Buyer Land Transfer Tax Rebate – The Ontario Land Transfer Tax Rebate is equal to the full value of the land transfer tax up to a maximum of $2,000. (In the City of Toronto, up to a maximum of $3,725.00) [Certain Conditions Apply]. To obtain this refund, you need to apply within 18 months after the purchase of the home. The rebate currently applies to both New Homes and RE-sale Homes (It used to apply to only New Homes with Tarion Warranties). Know these relevant numbers for you BEFORE you purchase a home.