A provincial land transfer tax applies to all properties in Ontario, including Toronto. A separate Toronto land transfer tax applies to Toronto properties only
NOTE (Toronto Land Transfer Tax):Any transactions where the purchaser and vendor have entered into an Agreement of Purchase and Sale for the property prior to December 31, 2007, and closing after the Toronto Land Transfer Tax (TLTT) takes effect on February 1, 2008, will be REBATED the full amount of the Toronto land transfer tax, regardless of how long after February 1, 2008 that the closing date is. Transactions closing before February 1, 2008, will not be charged the Toronto Land Transfer Tax.
First time home buyers of new AND re-sale homes will receive a rebate of the Toronto land transfer tax of up to $4,475 (equivalent to the Toronto land transfer tax payable on a $400,000 property).
NOTE (Provincial Land Transfer Tax):First time home buyers maybe eligible for a rebate of the provincial land transfer tax (PLTT) up to $4,000.