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Program
First-time home buyers who purchase a re-sale or newly constructed home will receive a rebate of the Toronto Land Transfer Tax (TLTT). Details
- The City of Toronto provides a rebate of the TLTT to first-time home buyers of re-sale or newly constructed homes.
- The maximum TLTT rebate is $3,725 (equivalent to the TLTT payable on a $400,000 home).
- According to the City of Toronto, eligibility rules for the TLTT first-time buyer rebate will mirror provincial rules, as follows:
- The purchaser must be at least 18 years of age.
- The purchaser must occupy the home as his or her principal residence no later than nine months after the date of the conveyance or disposition.
- The purchaser cannot have previously owned a home, or had any ownership interest in a home, anywhere in the world, at any time.
- If the purchaser has a spouse, the spouse cannot have owned a home, or had any ownership interest in a home, anywhere in the world while he or she was the purchaser's spouse. If this is the case, NO refund is available to either spouse. Note: If a purchaser's spouse owned an interest in a home BEFORE becoming the purchaser's spouse, but not while the purchaser's spouse, the purchaser may be eligible for some rebate.
The tax is a percentage of value of the property based on a graduated scale: - 0.5% of the amount of the purchase price up to and including $55,000, plus
- 1% of the amount of the purchase price between $55,000 and $400,000, plus
- 2% of the amount of the purchase price above $400,000
For additional information, contact the City of Toronto at 416-338-0338
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