Provincial Land Transfer Tax Rebate

Effective December 17, 2008,  the Ontario government is giving all first-time home buyers a break on land transfer tax by expanding the Land Transfer Tax Refund Program to include purchases of resale homes.

Ontario Finance Minister Dwight Duncan announced that first-time buyers of resale homes, as well as newly constructed homes, would be eligible for a refund from the provincial government of up to $2,000 of the Land Transfer Tax paid.

Details

  • First-time buyers of BOTH re-sale, and newly constructed homes, will be eligible for a rebate of the provincial land transfer tax of up to $2,000.
  • Effective for first-time buyers who enter into Agreements of Purchase and Sale AFTER December 13, 2007.
  • This change is being implemented by provincial legislation introduced on December 13, 2007. The Ministry of Finance has indicated that, until the legislation is passed, first-time buyers of re-sale properties eligible for the rebate can submit their applications for the refund and they will be processed once the legislation has passed. It is not known when the legislation will be passed. Buyers can consult with their lawyers if they have concerns.
  • The provincial land transfer tax rebate applies in all Ontario municipalities. In Toronto, the provincial rebate is in addition to City rebates of the Toronto Land Transfer Tax.

 

For further details please follow the link below:

http://www.rev.gov.on.ca/en/refund/newhome/index.html

Rajan Prashar

Rajan Prashar

Sales Representative
CENTURY 21 Green Realty Inc., Brokerage*
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