Toronto Condos, Lofts and Real-Estate: Ontario Ministry of Revenue Land Transfer Tax and City of Toronto Land Transfer Tax are two expenses buyers often neglect to include in their total purchase costs.
The Ontario Provincial Land Transfer Tax is charging buyers of land or properties a tax on most purchases, first-time homebuyers may be eligible for a refund of all or part of the tax, with a maximum of $2000 rebate:
Land Transfer Tax Refund for First-Time Home Buyers (Province of Ontario)
The City of Toronto Municipal Land Transfer Tax is an additional tax condo buyers have to pay on their Toronto condo purchases. This relatively new law law was put in effect February 1st, 2008.
There are two rebate opportunities, one is Grand-Fathering” and the other is First Time Purchaser. The maximum rebate is $3,725 for first-time purchasers.
Municipal Land Transfer Tax (City of Toronto)
Note: links above are for information purposes only; your real-estate lawyer is legal the authority to advise you on all Land Transfer Tax issues.
Â© Yossi Kaplan, MBA