REAL ESTATE UPDATE:LAND TRANSFER TAX ~ TORONTO ~ GTA
Purchasers MUST be either a Canadian Citizen or Permanent Resident of Canada to Claim the Land Transfer Tax Refund.
CHANGE OF DEFINITION OF "PURCHASER" WHO QUALIFY FOR PROVINCIAL LAND TRANSFER TAX REFUND FOR FIRST-TIME HOME BUYERS
Registrants are reminded of the new definition of "purchaser" as set out in subsection 9.2(1) of the Land Transfer Tax Act.
In addition to previous eligibility criteria, in order to claim the refund on registrations completed on or after January 1, 2017, a purchaser must be a Canadian Citizen or Permanent Resident of Canada. A Permanent Resident of Canada means a permanent resident as defined in the Immigration and Refugee Protection Act (Canada).
The new definition applies to all registrations based on agreements of purchase and sale entered on or after November 14, 2016.
The new definition has not resulted into any changes to the Land Transfer Tax statements that must be completed when claiming the provincial land transfer tax refund for first-time homebuyers.
For further information, please contact the Ministry of Finance:
Ministry of Finance
Tax Compliance & Benefits Division
PO Box 625
33 King St. West
Oshawa, ON L1H 8H9
Tel: 1 (866) 668 ONT TAXS
Fax: 1 (905) 433 5770
Teletypewriter (TTY): 1 (800) 263 7776
Your Friend in Real Estate,
Suzana ( Sue ) Davies , Sales Representative Remax Realtron
firstname.lastname@example.org 416-843-7017 www.suzanadavieshomeseek.com
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