Here we go again. Toronto’s City Council has just approved changes to the Municipal Land Transfer Tax (MLTT). The new rules come into effect on March 1st, 2017, and will impact all transactions closing on or after this date.
The current MLTT, is set to harmonize with the Provincial Land Transfer Tax (LTT). The coming changes will see:
- Residential and commercial purchases between $250,000 and $400,000 incur an additional LTT charge of 0.5% ($750)
- Residential purchases valued above $2 million dollars incur a further 0.5% LTT charge
- Non-residential properties above $400,000 will incur an additional LTT of 0.5%
- The First-Time Home Buyer Rebate Program will increase to $4,475 from its current $3,725 maximum
- Only Canadian Citizens or Permanent Residents of Canada will be allowed to claim the First-Time Home Buyer Rebate
To learn more, visit the City of Toronto’s Municipal Land Transfer Tax website, here.