First-Time Home Buyer: $4,000 Land Transfer Tax Credit

15 Nov First-Time Home Buyer: $4,000 Land Transfer Tax Credit

For more information, contact Matthew Regan at (905) 822-6900.

“Ontario is doubling the rebate on the land transfer tax for first-time homebuyers to $4,000 in an effort to help them enter the housing market, but it is raising the same tax on homes that sell for over $2 million.

Finance Minister Charles Sousa said first-time buyers won’t pay any land transfer tax on the first $368,000 of a purchase price once the changes take effect January 1st.

There will be a half-percentage point increase in the tax on homes that fetch more than $2 million, a measure expected to affect less than one per cent of the population, added Sousa.”

Globe and Mail:

http://globalnews.ca/news/3065836/ontario-land-transfer-tax-rebate-doubled-to-4000-for-first-time-homebuyers/