As CBC notes, the December 31, 2007 deadline for exemption from the City of Toronto's new land transfer tax has passed. The tax comes into effect on February 1st 2008, but purchasers had until December 31st to enter into an agreement of purchase and sale in order to be exempt from the new tax for transactions closing on or after February 1st 2008.
The sole exception applies to first-time home buyers purchasing a home for less than $400,000. They are exempted from this tax.
- Garry J. Wise, Toronto
Visit our Toronto Law Firm website: www.wiselaw.net
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