Canadian Banks Offset Toronto Transfer Tax

Ever since Toronto’s municipal council approved the new land transfer tax, set to come into effect in February 2008, Canadian banks have been wooing Toronto’s imminent homebuyers with cash-back offers and promotional mortgage rates to offset the tax’s cost.

Bank of Montreal, Royal Bank of Canada, TD Canada Trust and Bank of Nova Scotia are all offering various deals on home mortgages to cover the cost of the transfer tax, which can amount to several thousand dollars. Different terms apply; contact your local branch for exact details.