A completed Ontario Land Transfer Tax Refund Affidavit for First Time Purchasers of Eligible Homes.Information required for the application include:
#BANK OF NOVA SCOTIA LINDSAY ONTARIO FULL#
If the rebate is not claimed at the time of registration, the full tax is paid and a refund claim can be made to the Ministry of Finance within 18 months. Tax rebate application forms are available online for home buyers registering electronically or on paper at government offices. Taxpayers can claim an immediate refund when registering the land transfer papers and paying their taxes. Home buyers must apply for the refund within 18 months of purchase.If the home is newly constructed, it must be eligible for home warranty.Your spouse cannot have owned a home while being your spouse (but may be a previous home owner).
You cannot have owned a home or interest in a home anywhere in the world. You must occupy the home within nine months of purchase. You must be a Canadian citizen or permanent resident of Canada. The following table contains several example calculations of the Ontario land transfer tax rebate: Purchase price of homeįirst-time home buyer eligibility in Ontario For homes purchased for more than $368,000, buyers will receive the full $4,000 rebate and pay the remaining LTT balance. Based on Ontario’s land transfer tax rates, this refund will cover the full tax for homes up to $368,000. = $ 2,975 total Ontario land transfer taxįor first-time home buyers, there is a maximum $4,000 tax rebate on the Ontario land transfer tax. ( $300,000 upper marginal tax bracket - $250,000 lower marginal tax bracket ). ( $250,000 upper marginal tax bracket - $55,000 lower marginal tax bracket ). Let’s assume that you are purchasing a house for $300,000: Ontario land transfer tax calculation: These closing costs could include fees for an Ontario real estate lawyer and other buyer's fees.Įxample Ontario land transfer tax calculation 2 Beyond the land transfer tax, you will also have to pay other closing costs in Ontario when purchasing a home. If you are purchasing a home in Toronto, a Toronto Land Transfer Tax will also apply (see below). These tax rates are as follows: Purchase price of home The Ontario land transfer tax (LTT) is a marginal tax, and each portion of your home’s value is taxed at a unique rate.
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