Land transfer tax (LTT), typically calculated as a percentage of the purchase price of a home, is required when purchasing a home in Canada. All provinces have a LTT, and the amount varies in each province.
Municipal Tax
Toronto imposes an additional Municipal Land transfer tax (MLTT), which is similarly calculated as a percentage of the purchase price of a home.
Rebate
If you are a first-time home buyer in Ontario, you will be eligible for LTT rebates, equal to the value of the LTT up to a maximum amount set by the province. In addition, if you are a first time buyer in Toronto, you will be eligible for MLTT rebates equal to the value of the MLTT up to a maximum amount set by the city.
