If land is transferred between parties, there may be an exemption from Land Transfer Taxes (“LTT”) in the following situations:
the land is transferred without consideration and free from any mortgages (ie a gift)
the land is transferred without consideration (but contains a mortgage on it) to a spouse
the land is transferred in compliance with a written agreement of separation or court order (which may specify consideration and assumed mortgages)
For first time home buyers, the maximum amount of LTT refund is $2000 depending on the purchase price of the home. Please see the following Land Transfer Tax calculator.
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Disclaimer: This article does not contain legal advice and only provides general information. It is not intended to replace advice from a qualified legal professional and should not be relied upon to make decisions. In all cases, contact your legal professional for advice on any matter referenced in this article before making decisions. Use of this article does not establish a lawyer-client relationship.