Posted on
November 15, 2016
by
Jim Stanton Broker
Ontario offers 1st-time homebuyers bigger tax break
To help Ontarians buy their first home, the Province is proposing to double the maximum refund for first-time homebuyers from $2,000 to $4,000, effective January 1, 2017.
The Province is proposing to modernize Ontario’s Land Transfer Tax (LTT) system to reflect developments in the real estate market, by:
- Enhancing support for first-time homebuyers;
- Updating LTT rates and brackets; and
- Restricting the refund for first-time homebuyers to Canadian citizens and permanent residents.
Doubling the Maximum Refund for First-Time Homebuyers
To help Ontarians buy their first home, the Province is proposing to double the maximum refund for first-time homebuyers from $2,000 to $4,000, effective January 1, 2017. read more..................
Rising house prices will boost land transfer tax revenues by 15% this year, province says more info here.......
#1stTimeBuyers #LandTransferTax Information for 1st-Time-Buyers
.png)
