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When dealing with first time home buyers, one of the most common misconceptions that I hear is "I'm a first time home buyer, I don't need to pay the land transfer tax!" And what a big misconception it is! Everyone, regardless if you have bought a home previously or are a FTHB, you must pay Land Transfer Tax to the Provincial and/or the Municipal government in Ontario.
Taxes Taxes Taxes! The cost of home ownership includes paying taxes to the provincial and municipal governments for a variety of items such as the Land Transfer Tax (LTT). Land Transfer taxes are a part of every residential real estate transaction in Ontario (however rebates are available for First Time Home Buyers) and should be accounted for as part of the closing cost a buyer requires to pay.
If you are a first time home buyer, congratulations on this significant step in your life! A home is generally considered the largest investment most people will make in their life. The Canadian and Ontario government has made it easier to enable first time home buyers to afford their first home by providing programs, tax credits and rebates....