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Ontario doubles first-time homebuyer tax rebate

11/15/2016

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But expect to pay more if your home costs more than $2-million

In an effort to help first-time homebuyers—but not hurt the equilibrium of housing markets outside of Toronto—the Ontario Liberal government announced today that they’ll double the first-time homebuyers’ maximum Land Transfer Tax refund to $4,000. 
This increased rebate will take effect January 1, 2017 and will mean that eligible homebuyers in Ontario would pay no Land Transfer Tax (LTT) on the first $368,000 of their home’s purchase price.
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​“With the doubled refund, more than half of first-time homebuyers in Ontario would pay no LTT on the purchase of their first home,” explained Ontario Finance Minister Charles Sousa, during a press conference this afternoon. 
Sousa’s announcement was part of the provincial government’s Fall Economic Statement. The finance minister’s focus on helping first-time buyers highlights how unaffordable a home purchase has become, particularly in hot property markets, like the Greater Toronto Area.

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    “...but in this world nothing can be said to be certain, except death and taxes.” 
    ― Benjamin Franklin
    “I like to pay taxes. With them, I buy civilization.” 
    ― Oliver Wendell Holmes Jr.
    “You can’t tax business. Business doesn’t pay taxes. It collects taxes.” 
    ― Ronald Reagan
    “Income tax returns are the most imaginative fiction being written today.” 
    ― Herman Wouk
    “Life, Liberty, and the Pursuit of Happiness... but only when you pay your taxes? That means your freedom is rented, leased, & not unalienable.” 
    ― Steve Maraboli

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