Toronto Land Transfer Tax

Toronto propertyOn October 22 2007, despite much opposition and lobbying from Toronto Real Estate Board and its many members, Toronto City Council approved a new land transfer tax. That tax took effect on February 1, 2008.

The new tax is in addition to the provincial land transfer tax, and is be calculated as follows:

Toronto propertyFirst time buyers purchasing new and resale residences will receive a rebate of $3,725. That means a purchase up to and including $400,000 by the first time buyer will be tax-free. If you are eligible for a rebate of all or a portion of the Toronto Land Transfer Tax, your lawyer will be able to claim the rebate electronically when he registers your transfer.