Are you a first time home buyer in Ontario? Toronto to be specific?

If so, you may be eligible to receive a Land Transfer Tax (LTT) rebate!

As mentioned under the “Land Transfer Tax” section of this guide book, LTT is a provincial tax that a home buyer must pay when purchasing a property.

However, if you are a first time home buyer in Ontario, then you may be eligible for a LTT rebate so long as you fulfill the provincial requirements (to be discussed later on in this section).

As is the case when paying the LTT payments, if you are applicable for a rebate, then you will receive two payments (since you pay two payments for LTT). One from Ontario, and the other from the City of Toronto.

1- Ontario first time home buyer LTT rebate eligibility:

You may be eligible to receive a LTT full rebate (equal to the amount you paid for LTT at first) if you fulfill the following requirements:

  • You are minimum 18 years old.
  • You (or you and your spouse) have never owned a home before (while being together).
  • You occupy the home as your principal residence within nine months of the closing date.
  • You must apply for this refund maximum 18 months after your move in date (Your lawyer should take care of this issue for you).

2- City of Toronto first time home buyer LTT rebate eligibility:

You may be eligible to receive a LTT full rebate (equal to the amount you paid for LTT at first) if you fulfill the following requirements:

  • You are minimum 18 years old.
  • You (or you and your spouse) have never owned a home before (while being together).
  • You occupy the home as your principal residence within nine months of the closing date.
  • You must apply for this refund maximum 18 months after your move in date (Your lawyer should take care of this issue for you).

As such, if you are a first time home buyer in Toronto, Ontario, and fulfill the requirements mentioned above, then you are entitled to a full refund of your LTT payments.

Note: This is applicable to other provinces as well, however, this guide book is mainly concerned with Toronto, Ontario.