Land Transfer Tax Refund Is Now Permanent Legislation

The Land Transfer Tax Refund Program for first-time buyers of new homes including Condominiums has been made permanent as of June 23, 2000. For particulars of the Program and monies that you can save click here.

There are no purchase deadlines to meet.

There are several eligibility requirements for the program. In order to qualify, new home purchasers must:

  • Be at least 18 years old;
  • Not have previously owned a home or interest in a home anywhere in the world;
  • Not have a spouse who owned a home anywhere in the world;
  • Not have received an Ontario Home Ownership Savings Plan based refund of the land transfer tax.

The refund is claimed at time of registration of the deed as an instant refund or if not then it must be claimed no later than 18 months from the date of registration of the deed.

There is a similar and additional program for persons purchasing property in Toronto, which alleviates some of the hardship at least for first-time home buyers from the double Land Transfer Tax homebuyers have to pay. New and re-sale homes are eligible to receive rebates of the provincial and Toronto land transfer taxes. 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.

I would be pleased to discuss these exciting Land Transfer Tax Refund Programs with you further as an integral part of looking after your real estate transaction.

Revised March 2015