Land Transfer Tax Rebates
If you're a first-time homebuyer in Ontario, you may be eligible for rebates on both provincial and Toronto land transfer taxes (LTT). The maximum rebate amount for provincial LTT is $2,000, while for Toronto LTT, it's $3,725.
The provincial LTT applies to properties anywhere in Ontario, including Toronto, and the maximum rebate amount is $2,000. However, the provincial rebate for re-sale homes is only applicable to first-time buyers who entered into an Agreement of Purchase and Sale after December 13, 2007.
On the other hand, Toronto LTT is only payable for properties located in the City of Toronto, and the maximum rebate amount for first-time buyers is $3,725. This rebate is in addition to any provincial LTT rebate that you may qualify for.
To be eligible for the provincial and Toronto LTT rebates, you must be at least 18 years old and have never owned a home anywhere in the world before. If you're purchasing the property with a spouse, they must also meet this requirement and cannot have owned a home or had any ownership interest in a home while they were your spouse.