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Great News ! Land Transfer Tax Refunds For First Time Homebuyers!
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For more information visit; http://www.rev.gov.on.ca/english/bulletins/ltt/1_2008.htm (copy and paste above link to your browser) Amount of RefundThe amount of the refund claimed will, if granted, offset the land transfer tax payable. The maximum amount refundable is $2,000. Examples: | Cost of Home | Tax Payable | Tax Refund | Net Tax Payable |
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| $100,000 | $725 | $725 | $0 | | $200,000 | $1,725 | $1,725 | $0 | | $300,000 | $2,975 | $2,000 | $975 |
There is no interest paid on this refund. If you qualify for a "refund" of up to $2000.00, you do not have to pay up front at closing, and this refund will be credited to you on closing, thereby reducing your closing costs. Or telephone the Ontario Ministry of Finance. Land Transfer Tax Section Ph; 905-433-6361 |
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