TD Canada Trust announced today that it will cover the new City of Toronto land transfer tax on behalf of its customers when they arrange a mortgage between Nov. 22, 2007 and March 21, 2008.

In response to the City of Toronto’s increase to the land transfer tax, TD Canada Trust will provide up to 1.5% of the mortgage amount in cash to cover this expense for customers obtaining a new fixed rate closed mortgage with a term of 5 or 7 years.

Homebuyers do not have to have a current account with TD Canada Trust in order to be eligible for this offer.

“We’re very pleased to be able to provide this limited time offer to those who are buying a home in Toronto between now and March 21, 2008,” says Joan Dal Bianco, vp, real estate secured lending, TD Canada Trust.

The offer is not available in conjunction with any other offers and the maximum cash amount is $15,000.

Bank of Montreal announced a similar program earlier this week.