When purchasing a home in Ontario, keep in mind that you will have to pay Land Transfer Tax in addition to the purchase price. The Ministry of Finance has posted an informational page on Land Transfer Tax that explains what Land Transfer Tax is, who must pay it and how it is calculated. If you are purchasing a home for the first time, you may be eligible for a full or partial refund of land transfer tax. It is a good idea to let your lawyer know if you are purchasing your first home so they can determine if you’re eligible for the refund.
