What is Land Transfer Tax Rebate (LTT)?
Land Transfer Tax (LTT) is one of the most expensive and overlooked closing costs. To help offset this cost, first-time buyers in some provinces and cities are eligible to receive a Land Transfer Tax Rebate. The Land Transfer Tax Rebate amount and requirement is different in each province.
If you are buying in Ontario, you are eligible to receive a full or part refund of the tax paid. The maximum amount refunded is $2,000.
To be qualified for a land transfer tax in Ontario:
- At least 18 years old
- Occupy the home as your principal residence within nine months of the date of transfer
- You and your spouse, cannot have owned an eligible home anywhere in the world
You can apply for the refund within 18 months after the date of the transfer.