Get Tsb-m-95(6)r:(9/95):filing Procedures For Real Estate Transfer Tax ...

You must occupy the home you are purchasing as your principal residence within nine (9) months of the closing date; You must not have ever owned another property anywhere in the world; If you are married, your spouse must not have ever owned another property anywhere in the world during your marriage; and.

Ontario. To be eligible for this provincial LTT rebate, you must be a Canadian citizen or permanent resident and over 18 years of age. If you have a spouse, they must not have owned a home in the time they've been your spouse. You must also live in the home within 9 months of purchasing it.

Ontario's land transfer tax is payable when the transfer is registered. If the transfer is not registered within 30 days of closing, you must submit a Return on the Acquisition of a Beneficial Interest in Land form to the Ministry of Finance, along with the payment of tax within 30 days after the closing date.

In addition to cases where first-time home buyers may be eligible for a partial or full refund of their land transfer taxes, there are other situations where land transfer tax can be avoided. These include: Purchasing a newly built home. Transferring the property to a lineal descendent (i.e. parent to child).

Eligible first-time home buyers can receive a maximum Land Transfer tax refund amount of $4,475 on their Municipal Land Transfer Tax and up to $4,000 on their Provincial Land Transfer Tax. In order to qualify for the land transfer rebate, the purchase: Must be 18 years of age. Must be a permanent resident of Canada.

Surcharge – No more than twenty-five percent (25%) of the amount of unpaid taxes, fees, or charges. Penalty – No more than two percent (2%) per month of unpaid taxes, fees, or charges, including surcharges, until such amount is fully paid, but not more than thirty-six (36) months or 72 percent (72%)

Ontario's land transfer tax is payable when the transfer is registered. If the transfer is not registered within 30 days of closing, you must submit a Return on the Acquisition of a Beneficial Interest in Land form to the Ministry of Finance, along with the payment of tax within 30 days after the closing date.