First-time buyers of new & re-sale homes are eligible for rebates on provincial & Toronto land transfer taxes. The maximum that first-time home buyers can receive for provincial land transfer tax (LTT) is $4,000 & for the Toronto LTT its $4,475 (accurate at the time of writing - November 2018).
The provincial LTT is payable anywhere in Ontario, including Toronto.
Toronto LTT is payable only for properties in the City of Toronto. The Toronto LTT rebates are in addition to any provincial LTT rebate the buyer qualifies for.
The definition of a first-time purchaser is:
- the purchaser is at least 18 years of age
- the purchaser must occupy the home as their principal residence no later than nine months after the date of the conveyance or disposition
- the purchaser cannot have previously owned a home, or had any ownership interest in a home, anywhere in the world, at any time
- if the purchaser has a spouse, the spouse cannot have owned a home, nor had any ownership interest in a home, anywhere in the world while they were the purchaser’s spouse
- the purchaser is a Canadian citizen or permanent resident of Canada. If the purchaser becomes a Canadian citizen or permanent resident within 18 months of the transfer, they may apply for & may qualify for the rebate
Click here to access the LTT calculator & find out how much you need to set aside.