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Diane Plant is an active Real Estate Broker who has been licensed by the Toronto Real Estate Board, RECO since 1988.
Tel: 416-418-7555 E-mail: diane@team-plant.com |
The Toronto land transfer tax only applies to real estate transactions within the City of Toronto. This does NOT apply to property transactions outside of the City of Toronto. (Not applicable in Peel Region, Halton Region, Hamilton Wentworth Region, Durham Region, York Region or any other location in the Greater Toronto Area or Province of Ontario). First time home buyers and re-sale homes. First time home buyers of new AND re-sale homes will receive a rebate of the Toronto land transfer tax of up to $3,725 (this equals a 100% rebate on homes purchased for up to $400,000). For clarification on how rebates will be administered check with your lawyer. However, according to the City, purchasers who are eligible for a FULL rebate of the Toronto land transfer tax will not have to pay the tax (meaning that they do not have to pay the tax upfront and be rebated later). This includes:
First-time home buyers where the total Toronto land transfer tax is $3,725 or less
($3,725 is the amount of TLTT payable on a home purchased for $400,000).
First-time home buyers with Toronto land transfer tax payable above the maximum rebate amount of $3,725
(those purchasing homes above $400,000) will be required to pay the total Toronto land transfer tax,
and then receive the maximum rebate of $3,725 at a later date from the City.
Complete details of the Toronto land transfer tax are available http://www.toronto.ca/taxes/mltt_faq.htm#first or by calling the City of Toronto at 416-338-0338.
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Jeremy Plant is an active Real Estate Sales Representative who has been licensed by the Toronto Real Estate Board & RECO since 2007.
Tel: 416-358-5512 E-mail: jeremy@team-plant.com ![]() |
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Years of experience, success and skillful negotiating for sellers and buyers.
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© 2009 Team Plant All Rights Reserved.
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