Recently a reader asked this question regardingr rebates and the new Toronto Land Transfer Tax.
…Hi,I want to inquire about this toronto land transfer tax. I purchased a house $309,500 last feb.2008. On my closing date my lawyer collected $28,559 because i put 10% downpayment. that’s after the $5000 deposit when i make my offer to the house.But 2 weeks after my closing my lawyer called and said i need to pay more (4820)for the toronto land transfer tax and ontario land transfer tax.Now last week i read on the newspaer that if the purchase price of the house is less than $400,000 your exempted for the said tax. now my concern am i eligible to refund the whole amount $4820.00? And my question is why my lawyer collected this additional amount after my closing day? Do i need to verify to the land registry if my lawyer is telling me truth? …
If you are a FIRST TIME BUYER you are eligible to receive rebates for the provincial and Toronto land transfer taxes you have paid if you closed your home in 2008. The maximum provincial land transfer tax (LTT) rebate for first-time buyers is $2,000 and the maximum Toronto LTT rebate for first time buyers is $3,725. A FULL rebate of the Toronto land transfer tax is also available for ALL buyers who entered into Agreements of Purchase and Sale prior to December 31, 2007. I would suggest you call your lawyer to understand what gov’t forms you need to fill in to get your refund back. You can also verify the procedure by calling the gov’t directly at:
Provincial LTT:
Ontario Ministry of Finance:
1-800-263-7965
Toronto LTT:
City of Toronto: 416-338-0338
Related Mississauga and Oakville Real Estate Posts
Rebate for Toronto Land Transfer Tax for First Time BuyersToronto Land Transfer Tax Full Rebate Upfront Now AvailableHuge Savings For First Time Home Buyers Through Government Programs in Ontario
Posted by Mississauga Real Estate Guide writer LJ- Guest Blogger as Toronto Real Estate at 10:04 PM EDT
No Comments »
Are You a First time home buyer in Ontario?
Are you living in Toronto and buying your first home?
Savings For First Time Home Buyers in Toronto and Ontario
First time home buyers- There are HUGE savings through government programs and rebates available to you.
Depending on where you live there is Toronto Land Transfer Tax rebate for first time home buyers and an upfront rebate for Provincial Land Transfer Tax. it can be confusing but may save you thousands of dollars- if you have any questions and you are looking to buy your first home in the Toronto, Oakville, Mississauga area- I can help .
Give me a call: Lea Jensen 905-891-8089 or email for more information.
Related Mississauga and Oakville Real Estate Posts
Provincial Land Transfer Tax Rebate AvailableQuestion About Toronto Land Transfer Tax RebateRebate for Toronto Land Transfer Tax for First Time Buyers
Posted by Mississauga Real Estate Guide writer LJ- Guest Blogger as Financing and Mortages, Toronto Real Estate at 11:57 PM EST
No Comments »
2nd TORONTO LAND TRANSFER TAX (Municipal – This applies to the City of Toronto only)
The new laws can be confusing- if you have any question, please give me a call at 905-891-8089.
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). The City previously indicated that these arrangements would not be made until the “spring of 2008”, but has now indicated that changes will be made by February 1, 2008, when the Toronto land transfer tax takes effect.
Toronto land transfer tax is not payable on transactions closing before the tax takes effect on February 1, 2008. For transactions closing after the Toronto land transfer tax takes effect on February 1, 2008, the City of Toronto allows for certain rebates, as described below.
Details on City of Toronto Land Transfer Tax Full Rebate
According to the City, purchasers who are eligible for a FULL rebate of the Toronto land transfer tax will not have to pay the tax (meaning that they do not have to pay the tax upfront and be rebated later). This includes the following:
Purchasers who have entered into an Agreement of Purchase and Sale for a property on or before December 31, 2007; and
First-time home buyers where the total Toronto land transfer tax is $3,725 or less ($3,725 is the amount of TLTT payable on a home purchased for $400,000). First-time home buyers with Toronto land transfer tax payable above the maximum rebate amount of $3,725 (those purchasing homes above $400,000) will be required to pay the total Toronto land transfer tax, and then receive the maximum rebate of $3,725 at a later date from the City. Once all changes have been made to Teranet’s collection system, in the spring of 2008, these buyers will only have to pay the balance of the Toronto land transfer tax above $3,725.
More Information
Further information is available by calling:
City of Toronto
416-338-0338.
Looking at Etobicoke real estate?? Give me a call at 905-891-8089. I can help.
Related Mississauga and Oakville Real Estate Posts
Question About Toronto Land Transfer Tax RebateRebate for Toronto Land Transfer Tax for First Time BuyersHuge Savings For First Time Home Buyers Through Government Programs in Ontario
Posted by Mississauga Real Estate Guide writer LJ- Guest Blogger as Financing and Mortages, Toronto Real Estate at 2:43 PM EST
No Comments »
LAND TRANSFER TAX REBATE FOR FIRST TIME BUYERS
This is incredible news for first time buyers who are buying a re-sale home or condo. The Provincial Government has announced that it is expanding the PROVINCIAL land transfer tax rebate for first-time buyers to include re-sale housing!
Provincial Land Transfer Tax Rebate Information
First-time buyers of both re-sale, and newly constructed homes, will be eligible for a rebate of the provincial land transfer tax of up to $2,000.
Effective for first-time buyers who enter into Agreements of Purchase and Sale after December 13, 2007.
This change is being implemented by provincial legislation introduced on December 13, 2007. The Ministry of Finance has indicated that, until the legislation is passed, first-time buyers of re-sale properties eligible for the rebate can submit their applications for the refund and they will be processed once the legislation has passed. It is not known when the legislation will be passed. Buyers can consult with their lawyers if they have concerns.
The provincial land transfer tax rebate applies in all Ontario municipalities.
Further information is available by calling:
Ministry of Finance
Land Transfer Tax Section
905-433-6361
Or
Ministry of Finance
General Inquiry
1-800-263-7965
Lea Jensen
ROYAL LEPAGE
www.leajensen.com
Related Mississauga and Oakville Real Estate Posts
Toronto Land Transfer Tax Full Rebate Upfront Now AvailableRebate for Toronto Land Transfer Tax for First Time BuyersQuestion About Toronto Land Transfer Tax Rebate
Posted by Mississauga Real Estate Guide writer LJ- Guest Blogger as Toronto Real Estate at 2:38 PM EST
1 Comment »
