Land Transfer Tax Updates!

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*As of December 14 the City has indicated it will now be in a position by Feb. 1/08 to allow purchasers who are eligible for a FULL rebate to close their transactions without paying upfront and then receiving a rebate after the fact.

*As a point of clarity, after Feb. 1/08, first time buyers of homes over $400,000 will initially be required to pay the full City Land Transfer tax upfront, and then apply for the maximum rebate of $3,725 – later in the spring of ’08 the process will change to allow these individuals to only pay the differential tax upfront on the portion of their purchase over $400k

*Pending provincial legislation is in the works to allow first time buyers of both new & re-sale homes after December 13, 2007, to be eligible for a rebate of up to $2,000 against their provincial land transfer tax.  

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