To help Ontarians buy their first home, the Province of Ontario will double the maximum refund for first-time homebuyers from $2,000 to $4,000, effective January 1, 2017. (Ontario Ministry of Finance-Land Transfer Tax)
Currently, no Land Transfer Tax is payable on the first $227,500 of the value of consideration for a first home. The value of consideration for residential properties is typically the purchase price of the property and is the amount used for calculating LTT payable.
The Ontario Real Estate Association had asked the government to expand the land-transfer tax rebate program for first-time buyers as one way to help more people accomplish their dream of getting into the housing market.
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