Ontario Land Transfer Tax
What a dilemia! Toronto's $575 million dollar shortfall had to be resolved somehow. Now upcoming buyers will have to pay the price. But not all! The McGuinity government has pardoned all First Time Home Buyers to the new tax up to $400,000.
On October 22, 2007, Toronto City Council approved a new land transfer tax which takes effect on February 1, 2008. Purchase and Sales Agreements dated in January of 2008 closing after February 1st, 2008 will be subject to the tax. For details of the new tax, click here.
Attachment(s): Toronto Real Estate Milliar.jpg