Great news that came out a couple of days back! After speculation that Ontario cities other than the City of [...]
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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.