Wednesday, December 13, 2017 20:40

Lawyer-Video1

Q. Can you talk about the Land  Transfer Tax and the exemption that applies for First Time Home buyer?

A. Any purchase of Real Property in Ontario is subject to Land Transfer Tax and it’s a percentage of the purchase price.  On a $250,000 purchase the approximate land transfer tax is $2225. There is an exemption available for first time home buyers and that is up to $2000. On that $250,000 purchase you will be exempt if you have never owned a property previously for that first $2000 so you will still be subject to $225.

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