VALUE	TAX		VALUE	TAX		VALUE	TAX		VALUE	TAX
$150,000	$1225		$220,000	$1925		$290,000	$2825		$450,000	$5475
$160,000	$1325		$230,000	$2025		$300,000	$2975		$460,000	$5575
$170,000	$1425		$240,000	$2125		$325,000	$3350		$470,000	$5675
$180,000	$1525		$250,000	$2225		$350,000	$3725		$480,000	$5775
$190,000	$1625		$260,000	$2375		$375,000	$4100		$490,000	$5875
$200,000	$1725		$270,000	$2525		$400,000	$4475		$500,000	$6075
$210,000	$1825		$280,000	$2675		$425,000	$4975		$550,000	$7475

Land Transfer Tax (LTT) Rebate Program

Program

First-time home buyers who purchase a newly constructed home will receive a rebate of the Land Transfer Tax (LTT). All other buyers will continue to pay the full applicable tax. The maximum LTT rebate is $2,000.

Details

• The 1996 Ontario Budget announced a special one-year provision to the LTT that was
  renewed every year and is now a permanent program.

• First time buyers who purchase a newly constructed home will receive a rebate of the LTT. All other buyers will continue to pay the full applicable tax.

• The maximum rebate is $2000. If an individual owns less than 100% interest in the newly built home, the amount of the rebate would be reduced and calculated according to the amount of interest in the home.

• A rebate of $2,000 is equivalent to the LTT payable on a purchase price of $227,500 (net of GST).

• Only individuals who are at least 18 years of age, have not previously owned an interest in a home anywhere qualify for the rebate. Also applies to their spouse.

• Individuals who have received an Ontario Home Ownership Savings Plan (OHOSP) based refund of the LTT do not qualify.