Land Transfer Rebate Program

Monday, March 30th, 2009 10:54 pm

The Government has created a Land Transfer rebate program for First Time Buyers.

For more information see Ontario Government Ministry of Revenue Web site. Rebates are claimed

at the Land registry Office.

The amount of the refund claimed will, if granted, offset the land transfer tax payable. The maximum amount refundable is $2,000.

Examples:

Cost of Home	Tax Payable	Tax Refund	Net Tax Payable
$100,000	$725	$725	$0
$200,000	$1,725	$1,725	$0
$300,000	$2,975	$2,000	$975

Cost of Home

Tax Payable

Tax Refund

Net Tax Payable

$100,000

$725

$200,000

$1,725

$300,000

$2,975

$2,000

$975

Information from Government of Canada website. Information deemed accurate but not guaranteed.