This article delves into Ontario land transfer tax refund and Toronto land transfer tax refund for a first time home buyer.
Ontario Land Transfer Tax Refund:
The first thing you should know in this regards is that the Ontario land transfer tax is payable anywhere in Ontario. In addition, the maximum provincial land transfer tax for first time home buyer rebate stands at $2,000 (equivalent to property worth $227,500).
If you need more information about Ontario Land transfer tax refund simply contact the Ontario Ministry of Finance at 1-800-263-7965.
Toronto Land Transfer Tax Refund:
Toronto provincial land transfer tax is payable only for properties in the City of Toronto; and the maximum Toronto land transfer tax first time home buyer rebate is $3,725 (equivalent to property worth $400,000 property).
For more info about Toronto land transfer tax refund please contact the City of Toronto at 416-338-0338
Calculating First Time Home Buyer Land Transfer Tax Refund:
In order to calculate how much land transfer tax you have to pay, you can visit my website at
www.yourmortgagecoach.ca and refer to the calculators.
Who Qualifies For The Rebate?
The following will qualify for the first time home buyer rebate.
- You must be at least 18 years of age
- You must occupy the home as your principal residence within 9 months of date of transfer
- You cannot have ever owned a home anywhere in the world
- Your spouse cannot have owned a home anywhere in the world while being your spouse
How to Apply?
In most instances, your lawyer takes care of this at the time of closing. Make sure your mortgage agent and lawyer are aware that you are a first time home buyer. If it is not done at the time of closing then you can submit the application for a refund within 18 months after the date of the transfer
I hope you found this article about Ontario land transfer tax refund and Toronto land transfer tax refund useful. For more information about mortgages and tips & tricks please visit my blog or contact me if you looking for a mortgage broker in Toronto. Do feel free to comment as your feedback helps me provide more relevant content.
