Published: April 10, 2020
Last Updated: April 10, 2020
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.
"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."