Buyers
Land Transfer Tax Refund

Reporting & Remitting Tax

Ontario's land transfer tax is payable at the time the conveyance is submitted for registration electronically or to a Land Registry Office.

For an unregistered disposition of a beneficial interest in land, the return and tax payable are required to be delivered to the Ministry of Revenue by the thirtieth day after the date of the disposition.

The Land Transfer Tax Act and its regulations provide for various exemptions and deferrals of tax.

Ontario expands Land Transfer Tax Refund Program

As announced in the 2007 Ontario Economic Outlook and Fiscal Review, the government proposes to expand the Land Transfer Tax Refund Program to include first-time homebuyers of resale homes. This measure would be effective for agreements of purchase and sale entered into after December 13, 2007. As a result of this change, first-time homebuyers of resale homes would be able to receive a refund from the provincial government of up to $2,000 of the land transfer tax paid.

Information Notice: Details about the Proposed Expansion of the Land Transfer Tax First-Time Home Buyers Refund to Include Resale Homes

http://www.rev.gov.on.ca/english/taxes/ltt/

If you would like someone to talk to about this important information please email or give John W David a call direct.  He explains things thoroughly and clearly so you understand all the fine print.

Email:

613-821-0313

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