Following their meeting on February 15th, City of Toronto Council has approved changes to the Toronto Land Transfer Tax - which means additional Toronto Land Transfer Tax costs for buyers with a closing date on, or after March 1, 2017 - when it will be harmonized with the provincial Land Transfer Tax.
Here are the changes:
* Added an additional LTT of 0.5% of the value of a residential or non-residential property from $250,000 to $400,000 (an additional $750)
* Added an additional LTT of 0.5% of the value of a residential property above $2 million
* Added an additional LTT of 0.5% of the value above $400,000 of a non-residential property
* Increasing the maximum allowed First-Time Home Buyer Rebate to $4,475, up from $3,725 (which absorbs the new $750 fee increase)
* Amended the first-time home buyer rebate program eligibility rules to restrict rebate eligibility to Canadian citizens or permanent residents of Canada
This falls in line with the Province of Ontario, who also recently increased the rebate for first-timers from $3,725 to $4,475, as outlined in our post 'Ontario Announces Tax Rebate For First-Time Home Buyers'.
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