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Land Transfer Tax Rebates (Provincial and Toronto)

Program

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
  • 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 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 $400,000, plus
    • 2% of the amount of the purchase price above $400,000
First-Time Buyer Eligibility

To be eligible as a first-time buyer for the provincial LTT rebate and/or Toronto LTT rebate,
  • The purchaser must be at least 18 years of age.
  • The purchaser must occupy the home as his or her 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, or had any ownership interest in a home, anywhere in the world while he or she was the purchaserís spouse. If this is the case, NO refund is available to either spouse. Note: If a purchaserís spouse owned an interest in a home BEFORE becoming the purchaserís spouse, but not while the purchaserís spouse, the purchaser may be eligible for some rebate.

More Information

Provincial LTT:
Ontario Ministry of Finance:
1-800-263-7965

Toronto LTT:
City of Toronto: 416-338-0338

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