New Tax Break for First-Time Home Buyers
Great news for first-time home buyers! Those looking to enter the world of real estate ownership will be able to take advantage of a land transfer tax refund of $4,000 – this is doubled from the current maximum of $2,000.
According to the news release, first-time home buyers will not pay any land transfer tax on the first $368,000 of their home’s cost.
Here is a direct link to the Government of Ontario’s website outlining the changes, which will come into effect as of January 1, 2017.