Judy Brown & Patricia Brown

Mortgage Brokers

• Paul Fillman

  416-937-2422

• David Smith

  416-323-0535

• Mortgage Calculator - TD Bank

• Mortgage Calculator - Royal Bank

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• Electrical Safety Authority (ESA)

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• LAND TRANSFER TAX CALCULATOR

  Details directly taken from TREB website:
  
  What was approved by City Council?
  
  A second land transfer tax, on top of the provincial land transfer tax, at the following rates:
  
  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
  
  
  Commercial / Industrial / Etc.:
  
  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
  1.5% of the amount between $400,000 and $40 million
  1% of the amount above $40 million
  When does this take effect?
  
  February 1, 2008.
  
  Are existing transactions grandfathered?
  
  Yes. Any transactions where the purchaser and vendor have entered into an Agreement of Purchase and Sale for the property prior to December 31, 2007 will be rebated the full amount of the Toronto land transfer tax, regardless of the closing date. (Note: Media reports that closings must occur by Feb. 1, 2008 are inaccurate.) Teranet will be collecting the Toronto land transfer tax for the City of Toronto. Once the City’s grandfathering policy is reflected in Teranet’s collection system, grandfathered transactions will be exempt from the Toronto land transfer tax at the time of registration. Until that time, grandfathered transactions (Agreements signed on or before December 31, 2007), closing on or after February 1, 2008, will be charged the Toronto land transfer tax, which will then be rebated by the City of Toronto. Transactions closing before February 1, 2008 will not be charged the Toronto land transfer tax. The City has indicated that the necessary changes to Teranet’s system will be implemented in the “spring of 2008”. If your clients have concerns, they should check with their lawyer. Once the City of Toronto provides clarification, more information will be provided.
  
  What about Agreements of Purchase and Sale signed after December 31, 2007 with closing dates before February 1, 2008?
  
  Purchasers with a Purchase and Sale agreement signed after December 31, 2007 with a closing before February 1, 2008 will not be required to pay the Toronto Land Transfer tax.
  
  What about Agreements of Purchase and Sale signed after December 31, 2007 with closing dates on or after February 1, 2008?
  
  Purchasers with a 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.
  
  Where does this apply?
  
  The Toronto land transfer tax only applies to transactions within the City of Toronto. This does NOT apply to property transactions outside of the City of Toronto.
  
  Are first time home buyers affected?
  
  First time home buyers of new AND re-sale homes will receive a rebate of the Toronto land transfer tax of up to $3,725 (this equals a 100% rebate on homes purchased for up to $400,000). Teranet will be collecting the Toronto land transfer tax for the City of Toronto. Once the City’s first-time buyer policy is reflected in Teranet’s collection system, first-time buyer transactions will be exempt from the Toronto land transfer tax at the time of registration. Until that time, first-time buyer transactions will be charged the Toronto land transfer tax, which will then be rebated by the City of Toronto. The City has indicated that the necessary changes to Teranet’s system will be implemented in the “spring of 2008”. If your clients have concerns, they should check with their lawyer. Once the City of Toronto provides clarification, more information will be provided.
  
  How can I get more information?
  
  More detailed information will be provided once it is made available by the City. If you have questions, contact the City of Toronto at Access Toronto at 416-338-0338.

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