Land Transfer Tax

Purchasers in most large Canadian centres can add Land Transfer Taxes to their list of closing costs.

 

These taxes, levied on properties that are changing hands, are the responsibility of the purchaser. Depending on where you live, taxes can range from a half a per cent to two per cent of the total value of the property.

 

Many provinces have multi-tiered taxation systems that can prove complicated. If you purchase a property for $260,000 in Ontario, for example, .5 per cent is charged on the first $55,000, 1 per cent is charged on $55,000 - $250,000, while the $250,000 - $400,000 range is taxed at 1.5 per cent. Your total tax bill? $2,375.00.

Land Transfer Tax

The following chart illustrates Land Transfer Taxes by province.

ONTARIO

Land Transfer Tax 

Up to $55,000 X .5 % of total property value
From $55,000 to $250,000 X 1 % of total property value
From $250,000 to $400,000 X 1.5 % of total property value
From $400,000 up X 2 % of total property value

 

Municipal Land Transfer Tax

As a taxation measure granted under the
City of Toronto Act,2006, Toronto City Council approved a new Municipal Land Transfer Tax effective February 1, 2008 that will be applied to purchases on all properties in the city of Toronto in addition to the Province's Land Transfer Tax. More information on taxation measures see:

http://www.toronto.ca/taxes/mltt.htm

Home  |  Top  |  Printer Friendly  |  +Bookmark  |  Privacy Policy
Lucais Shepherd
Sales Representative

Everland Realty Inc.
Brokerage

50 MCINTOSH DRIVE SUITE 200, Markham, ON L3R 9T3

Phone: 905-604-8166  Mobile: 416-805-3900
Powered by Lone Wolf Real Estate Technologies (CMS6)