2016 Ontario Economic Outlook and Fiscal Review – Doubling the Maximum Refund for First-Time Homebuyers
Modernizing Land Transfer Tax and Other Tax Measures
Land Transfer Tax
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.
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