“The Ontario government is moving to double the maximum tax rebate offered to first-time homebuyers while boosting the land-transfer tax on house purchases above $2 million.
Finance Minister Charles Sousa made the announcements in his fall economic statement, delivered in the provincial legislature on Monday afternoon. The changes are to take effect on Jan.1, 2017. ” – Mike Crawley, CBC News
What’s this mean to first time homebuyers? No Provincial Land Transfer Tax on the first $368,000 of the purchase, and eligibility of as much as $4,000 in a rebate.
On the flip side of this, Homes purchased at $2 million or more will have a half percent increase in tax to 2.5%.
In comparison, here’s the current Land Transfer Tax rates.
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