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 $4,000 and for the Toronto LTT its $3,725.

The provincial LTT is payable anywhere in Ontario, including Toronto. As mentioned before, the maximum that a first-time buyer can receive for the provincial LTT is $4,000. For re-sale homes, the provincial rebate only applies to first-time buyers who entered into Agreements of Purchase and Sale after March 1, 2017.

Toronto LTT is payable only for properties in the City of Toronto. The maximum a first-time home buyer can receive is $3,725. The Toronto LTT rebates are in addition to any provincial LTT rebate the buyer qualifies for.

The buyer is considered to be a first-time buyer for the provincial and Toronto LTT if they are at least 18 years of age and must not have previously owned a home anywhere in the world at anytime. If a spouse is involved, the spouse cannot have owned a home or had any ownership interest in a home while he/she was the purchaser's spouse. 

For more information please visit the Ontario Government website

Robin Evans, Sales Representative, Georgina Blyth, Broker, Shawna Christophersen, Sales Representative are Realtors with Royal LePage RCR Realty, Brokerage in Bradford, Ontario serving Bradford, Innisfil, Barrie & Surrounding area Real Estate.

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