Questions? Call 416-367-4222

Tax Planning for Ontario Land Transfer Tax Reduction for First time Homebuyers

Effective January 1, 2017 the maximum Land Transfer Tax refund for eligible first-time homebuyers will double to $4,000. This means that eligible homebuyers in Ontario would pay no Land Transfer Tax on the first $368,000 of the cost of their first home. From a tax planning point of view if you are a first time homebuyer and have a home purchase scheduled to take place before January 1, 2017 you should ask the vendor if the closing date can be postponed until the new year.

Disclaimer:

"This article provides information of a general nature only. It is only current at the posting date. It is not updated and it may no longer be current. It does not provide legal advice nor can it or should it be relied upon. All tax situations are specific to their facts and will differ from the situations in the articles. If you have specific legal questions you should consult a lawyer."

Get your CRA tax issue solved


Address: Rotfleisch & Samulovitch P.C.
2822 Danforth Avenue Toronto, Ontario M4C 1M1

Tax Planning for Ontario Land Transfer Tax Reduction for First time Homebuyers
Image of a long staircase leading up to home
A Canadian Tax Lawyer’s Guide to Ontario Foreign Homebuyer Tax
2021 Ontario Fall Economic Update: Canadian Tax Lawyer’s Guidance
Ontario Employer Health Tax (EHT): Canadian Tax Lawyer's Guidance
Ontario Employer Health Tax (EHT): Canadian Tax Lawyer’s Guidance
Foreign Foreign National Worker RebateNational Worker Rebate
Foreign National Worker Rebate
New Rules for Ontario Dissolved Corporations
No Probate with Alter-Ego Trusts and Joint Partner Trusts
No Probate Fees: Inter Vivos Trust
Changes to Ontario Business Corporations Act and the New Forfeited Corporate Properties Act