Land Transfert Tax. (Published by Toronto Real Estate Board)

Programs
First-time buyers of new and re-sale homes are eligible to receive rebates of the provincial and Toronto land transfer taxes.
The maximum provincial land transfer tax (LTT) rebate for first-time buyers is $2,000 and the maximum Toronto LTT rebate for first time buyers is $3,725. A FULL rebate of the Toronto land transfer tax is also available for ALL buyers who entered into Agreements of Purchase and Sale prior to December 31, 2007.
Details

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).

• For RESALE homes, the provincial rebate applies only to first-time buyers who entered into Agreements of Purchase and Sale AFTER December 13, 2007.
 First-time buyers of NEWLY CONSTRUCTED HOMES are eligible for the provincial rebate even if they entered into Agreements of
Purchase and Sale prior to December 13,2007.
 The provincial LTT for residential properties is calculated as follows (An easy-to-use calculator is available at www.NoHomeBuyingTax.com):
 0.5% of the amount of the purchase price up to and including $55,000, plus  1% of the amount of the purchase price between $55,000 and $250,000, plus 1.5% of the amount of the purchase price between $250,000 and $400,000, plus
 2% of the amount of the purchase price above $400,000
Toronto LTT
• 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).
• ANY purchaser who entered into an Agreement of Purchase and Sale prior to December 31, 2007 is eligible for a FULL rebate of the Toronto LTT.
• Toronto LTT rebates are in addition to any provincial LTT rebate that the buyer qualifies for.
• The Toronto LTT for residential properties is calculated as follows (An easy-to-use calculator is available at
 0.5% of the amount of the purchase price up to and including $55,000, plus  1% of the amount of the purchase price between $55,000 and $400,000, plus 2% of the amount of the purchase price above $400,000
First-time buyers of new and re-sale homes are eligible to receive rebates of the provincial and Toronto land transfer taxes.

Cesare Parete

Cesare Parete

Sales Representative
CENTURY 21 Leading Edge Realty Inc., Brokerage*
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