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Province Expands Provincial Land Transfer Tax Rebate
On December 13th, 2007 the provincial government announced that it is expanding the provincial land
transfer tax rebate for first-time buyers to include RE-SALE housing, something which Realtors have lobbied for.
First-time buyers of BOTH resale and newly
constructed homes, will be eligible for a
rebate of the provincial land transfer tax
up to $2,000.
Effective for first-time home buyers who enter
into an agreement of Purchase and Sale after
December 13, 2007.
This change was implemented by provincial
Legislation introduced on December 13, 2007
and passed into legislation on May 15, 2008.
The provincial land transfer tax rebate
applies in all Ontario Municipalities. In
Toronto, the provincial rebate is in addition
to City rebates of the Toronto Land Transfer
Tax.
Buyer's can consult with their lawyers or
lenders if they have questions or concerns
or contact:
MINISTER OF FINANCE
Land Transfer Tax Section......905-433-6361
or General Inquiry.......1-800-263-7965
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