ARTICLE · 16 NOVEMBER 2016

Four Things You Need To Know Following Ontario's Fall Economic Update

Crowe Soberman LLP

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At his Fall Economic Statement, Ontario Finance Minister, Charles Sousa, announced a few changes to the Land Transfer Tax ("LTT") in Ontario which will reduce the LTT burden to first-time home buyers.

CanadaTax

Silvia Jacinto, BComm, MTax

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At his Fall Economic Statement, Ontario Finance Minister, Charles Sousa, announced a few changes to the Land Transfer Tax ("LTT") in Ontario which will reduce the LTT burden to first-time home buyers, while increasing the LTT on homes costing in excess of $2 million.

1. First-time home buyers rebate

The first-time home buyers LTT rebate will be doubled to $4,000 from the current $2,000. This tax rebate was introduced to help alleviate the financial burden to first-time home buyers as a result of high home prices in Ontario and the associated higher LTT costs applicable on the purchase. This additional rebate will mean that an Ontario resident first-time home buyer will not pay LTT on the first $368,000 of the cost of his/her home.

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