Land transfer tax is a provincial tax imposed on home buyers, when ownership of the land is transferred from one persons name to another. This tax is calculated based on the purchase price of the property and is paid by the buyer at the time of closing. This fee is included in your closing costs and paid directly to your lawyer.✨
As a first time homebuyer, you’re eligible for up to a $4,000 rebate, that can be used directly towards your land transfer tax. This can significantly reduce the amount of tax first-time buyers need to pay, making homeownership more affordable. The tax helps fund essential public services, while the rebate supports new buyers in achieving their homeownership goals.🏡
It’s important to consider land transfer tax and all other costs associated with homeownership in your budget. This will ensure for a smooth closing without any surprise fees. ✨
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