Ontario to Double the Maximum Tax Rebate to First Time Homebuyers

Posted on Posted in Market Activity

“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.

land-transfer-tax

 

See the Full Story here:

http://www.cbc.ca/news/canada/toronto/ontario-fall-economic-statement-charles-sousa-1.3849873

 

Or read it right from the Province of Ontario’s website, at:

http://www.fin.gov.on.ca/en/budget/fallstatement/2016/chapter5b.html