First-time homebuyers: Land transfer tax rebate has doubled

The Cambridge

Happy New Year!  Up until the end of 2016, first time home buyers in Ontario could apply for a land transfer tax rebate, with a cap of $2,000.  Now, for all the agreements of purchase and sale that are dated after January 1 of 2017, the size of this rebate has doubled.  So first-time home buyers can receive a financial incentive of up to $4,000 on the purchase price of their new home.

Beginning January 1, 2017, no land transfer tax would be payable by qualifying first‑time purchasers on the first $368,000 of the value of a new home. First‑time purchasers of homes greater than $368,000 would receive a maximum refund of $4,000.

All the information you need to know about this new incentive is included in this link:

http://www.fin.gov.on.ca/en/bulletins/ltt/1_2008.html