Do I also qualify for the exemption from ON land transfer tax?
First-time homebuyers in Ontario are eligible for a land transfer tax exemption up to $4000. The Ontario land transfer tax exemption also covers the entire tax for properties valued up to $368,333. If the price of your home is higher than $368,333, you still receive the entire $4000 tax rebate. Consequently, you’re only taxed on the remaining balance.
To meet Ontario’s first-time homebuyer requirements, you must:
- Reside in Canada as a citizen or permanent resident
- Meet the age requirement of 18 years or older
- Live in the property within 9 months of buying it
- Have never owned property before
- Finally, apply for the rebate within 18 months of buying the property
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Finance Minister Charles Sousa is offering first-time homebuyers a land transfer tax rebate. The rebate covers up to $4000 of land transfer tax on homes valued at $368,000. First-time buyers who are also permanent Ontario residents are eligible.
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