Ontario Land Transfer Tax Rebate Program

First-time home buyers who purchase a newly constructed home will receive a Ontario Land Transfer Tax Rebate. All other buyers will continue to pay the full applicable tax. The maximum Ontario LTT Rebate is $2,000.

Details

The 1996 Ontario Budget announced a special one-year provision to the Ontario Land Transfer Tax that was renewed every year and is now a permanent program.

FIRST TIME BUYERS who purchase a NEWLY CONSTRUCTED HOME will receive a Ontario Land Transfer Tax Rebate. All other buyers will continue to pay the full applicable tax.

The maximum rebate is $2000. If an individual owns less than 100% interest in the newlybuilt home, the amount of the rebate would be reduced and calculated according to the amount of interest in the home.

A rebate of $2,000 is equivalent to the Ontario Land Transfer Tax payable on a purchase price of $227,500 (net of GST).

Only individuals who are at least 18 years of age, have not (or spouse) previously owned an interest in a home anywhere qualify for the rebate.

Individuals who have received an Ontario Home Ownership Savings Plan (OHOSP) based refund of the Ontario Land Transfer Tax do not qualify.

A real estate transfer tax is assessed on real property when ownership of the property is transferred from one party to another. The Provincial Land Transfer Tax is a percentage of the value of the property based on a graduated scale:

0.5% on amounts up to and including $55,000;

+1.0% on the amount exceeding $55,000 up to and including $250,000;

+1.5% on amounts above $250,000 up to and including $400,000 for residential

+1.5% on the amount in excess of $250,000 for business properties;

+2.0% of the amount in excess of $400,000. [Residential only]

Additional Information

For more information on Ontario Land Transfer Tax Rebate, please visit Government of Ontario website, or contact Ontario Finance Ministry at 1-800-263-7965


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