Showing posts with label Ontario outside Toronto. Show all posts
Showing posts with label Ontario outside Toronto. Show all posts

Monday, September 28, 2015

Land Transfer for First Time Home Buyers in Toronto and Ontario outside Toronto

Did You Know?

First Time Home Buyers Pay less land transfer taxes.
In Toronto there is an additional Land Transfer tax that is paid also by First Time Home Buyers

Example for a property of 500,000

First Time Home Buyers
-in Toronto pay $6475
-In Ontario outside Toronto pay $4475

Ontario Land Transfer Tax

0.5% - first $55,000
1.0% - between $55,000 - $250,000
1.5% - over $250,000
2.0% - over $400,000
Qualifying first time home buyers receive a $4000 credit from January 1 2017

Toronto Land Transfer Tax


0.5% - first $55,000
1.0% - between $55,000 - $400,000
2.0% - over $400,000
First time buyers are exempt on the first $400,000 approx $3700 rebate