Important Changes to Land Transfer Tax
The City of Toronto has approved changes to the Toronto Land Transfer Tax that mean additional Toronto Land Transfer Tax costs for some home buyers with a closing date on or after March 1, 2017, when it will be harmonized with the provincial LTT.
• Added an additional LTT of 0.5% of the value of a residential or non- residential property from $250,000 to $400,000 (an additional $750)
• Added an additional LTT of 0.5% of the value of a residential property above $2 million
• Added an additional LTT of 0.5% of the value above $400,000 of a non- residential property
• Increasing the maximum allowed First-Time Home Buyer Rebate to $4,475, up from $3,725
• Amended the first-time home buyer rebate program eligibility rules to restrict rebate eligibility to Canadian citizens or permanent residents of Canada
Download the table here