Ontario expands Land Transfer Tax Refund Program : As announced in the 2007 Ontario Economic Outlook and Fiscal Review, the government proposes to expand the Land Transfer Tax Refund Program to include first-time homebuyers of resale homes. Most annual property taxes include a computation based on a percentage of the assessed value.
Up to $50,000 X .5 % of total property value Any transactions where the purchaser and vendor have entered into an Agreement of Purchase and Sale for the property prior to December 31, 2007 will be rebated the full amount of the Toronto land transfer tax, regardless of the closing date. How can I get more information?
: February 1, 2008 From $90,000 to $150,000 X 1 % of total property value : New Info Re. This does NOT apply to property transactions outside of the City of Toronto. Direct : (416)566 1102 Phone (905)502 5800 Fax (905)502 1800 . "British Columbia" Land Transfer Tax This calculator can help you determine the property taxes in more than 160 different jurisdictions across British Columbia. Many provinces have multi-tiered taxation systems that can prove complicated.
Once the City of Toronto provides clarification, more information will be provided. Where does this apply? Toronto LTT Rebates Provided By City New/Additional Land Transfer Tax for "Toronto" : Toronto City Council has approved a municipal land transfer tax that will be levied on top of the provincial land transfer tax. Your property assessment notice might indicate that your property is partially exempt from taxation or belongs to different property assessment classes. (Go to Top of the Page) For example, 20% of your property could belong to a commercial property group as an office space, 10% could be exempt as a charitable organization and 70% could belong to a multi-residential property group as an apartment building.
Spouses: If one spouse is first time home buyer and the other owned a home before, but not since becoming a spouse of the first time home buyer, then the spouse who is the first time home buyer would claim the whole rebate on his/her part of the ownership. From $200,000 up X 2 % of total property value Check with local municipality. The following is based on currently available information. From $250,000 to $400,000 X 1.5 % of total property value "Quebec" Land Transfer Tax Take the guesswork out of Toronto residential taxes with the Property Tax calculator. "British Columbia" Land Transfer Tax Residential Other Residential Non-Residential Farmland Multi-use Annexed The residential property assessment class includes single-family homes, condominiums, townhouses and other properties of three or fewer dwelling units. : Purchasers with a Purchase and Sale agreement signed after December 31, 2007 with a closing before February 1, 2008 will not be required to pay the Toronto Land Transfer tax. The City has indicated that the necessary changes to Teranets system will be implemented in the spring of 2008. From $400,000 up X 2 % of total property value 9. : Purchasers with a Purchase and Sale agreement signed after December 31, 2007 with a closing on or after February 1, 2008 will be required to pay the full Toronto Land Transfer tax. December 14, 2007 -- The City of Toronto has indicated that it has been able to make arrangements that will allow purchasers who are eligible for a FULL rebate of the Toronto Land Transfer Tax (TLTT) to close their transactions without paying the TLTT upfront (and then receiving a rebate at a later date).