When buying a home in Ontario, the land transfer tax will need to be paid at the time of closing before title changes hands from the seller to buyer. There is a common land transfer tax in Ontario, but in the city of Toronto, there is also a Toronto land transfer tax to go along with the Ontario land transfer tax.
The land transfer tax is calculated based on the sale price of the home, and again if it’s in Toronto, the total land transfer tax to be paid will be much higher as there are two land transfer taxes.
As a first time home buyer in Ontario, you are eligible for a land transfer tax rebate and usually this can be applied at the time of closing provided all the necessary documents are prepared, and filed by your real estate lawyer.
If you are buying a home in Toronto, you can also receive a Toronto land transfer tax rebate to go along with the Ontario land transfer tax rebate potentially saving you thousands of dollars at the time of closing.
Watch this episode with Real Estate Lawyer Robert Adourian of Devry Smith Frank LLP where he will explain everything you need to know about land transfer tax in Ontario, Toronto, and the land transfer tax rebate.
For more information on real estate closings or if you need a real estate lawyer, contact Robert Adourian
Devry Smith Frank LLP.
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