Approved Toronto Land Transfer Tax (effective Feb 08)

-Agreement of Purchase and Sale entered into prior to December 31, 2007 will be rebated the full amount of the Toronto land transfer tax. The City has not yet provided clarification on how rebates will be administered. They still have to deal with a lot of clarifications. Verify with your lawyer dealing with your closing transaction.

-Agreements of Purchase and Sale signed after December 31, 2007 with closing dates before
February 1, 2008 will not be required to pay the Toronto Land Transfer tax.

-Purchase and Sale agreement signed after December 31, 2007 with a closing on or after February 1, 2008 will be required to pay the full Toronto Land Transfer tax.

Residential:

• 0.5% of the amount of the purchase price up to and including $55,000
• 1% of the amount of the purchase price between $55,000 and $400,000
• 2% of the amount of the purchase price above $400,000

For more detailed information and questions, contact Access Toronto at 416-338-0338