Land Transfer Tax (LTT) Rebate Program |
First-time home buyers who purchase a newly constructed home will receive a rebate of the Land Transfer Tax (LTT). All other buyers will continue to pay the full applicable tax. The maximum LTT rebate is $2,000. |
Details The 1996 Ontario Budget announced a special one-year provision to the LTT that was FIRST-TIME BUYERS who purchase a NEWLY CONSTRUCTED HOME will receive a rebate of the LTT. All other buyers will continue to pay the full applicable tax. The maximum rebate is $2000. If an individual owns less than 100% interest in the newlybuilt home, the amount of the rebate would be reduced and calculated according to the amount of interest in the home. A rebate of $2,000 is equivalent to the LTT payable on a purchase price of $227,500 (net of GST). Only individuals who are at least 18 years of age, have not (or spouse) previously owned an interest in a home anywhere qualify for the rebate. Individuals who have received an Ontario Home Ownership Savings Plan (OHOSP) based refund of the LTT do not qualify. A real estate transfer tax is assessed on real property when ownership of the property is transferred from one party to another. The tax is a percentage of the value of the property based on a graduated scale: 0.5% on amounts up to and including $55,000; +1.0% on the amount exceeding $55,000 up to and including $250,000; +1.5% on amounts above $250,000 up to and including $400,000 for residential / +2.0% of the amount in excess of $400,000. [residential only] For more information call the Ontario Finance Ministry at 1-800-263-7965. These four portions added up together total the LTT payable.
Article courtesy of TREB www.torontorealestateboard.com |
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