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Ontario Land Transfer Tax
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 When you purchase a property in the Province of Ontario, you are required to pay Ontario Land Transfer Tax, which is payable upon closing. However, if you are a first time buyer you may be eligible for an Ontario Land Transfer Tax Rebate. Click Here for details of the Ontario Land Transfer Tax Rebate Program.
(When you purchase a home in the City of Toronto (Etobicoke, East York, North York, York, Scarborough, Toronto), you are required to pay an additional Toronto Land Transfer Tax. See the Section below for details). Ontario Land Transfer Tax is calculated as follows: - Amounts up to and including $55,000 - 0.5%
- Amounts exceeding $55,000 up to/including $250,000 - 1%
- Amounts from $250,000 to $400,000 - 1.5%
- Amounts in excess of $400,000 - 2.0%
To calculate your Ontario Land Transfer Tax amount, CLICK HERE. |
Toronto Land Transfer Tax Details
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On October 23, 2007, Toronto City Council approved a second, municipal, land transfer tax that will be levied on top of the Provincial land transfer tax for any sale of real estate in the City of Toronto (Etobicoke, East York, North York, York, Scarborough, Toronto). The Tax is payable upon closing. First time buyers may be eligible for a Toronto Land Transfer Tax rebate, check with your Lawyer for details. See the link below to calculate your Ontario & Toronto Land Transfer Tax. How the tax is calculated... Ontario Land Transfer Tax: - Amounts up to and including $55,000 - 0.5%
- Amounts exceeding $55,000 up to/including $250,000 - 1%
- Amounts from $250,000 to $400,000 - 1.5%
- Amounts in excess of $400,000 - 2.0%
Add the following on top of the Ontario Land Transfer Tax: Toronto Land Transfer Tax: 0.5% of the amount of the purchase price up to and including $55,000 1% of the amount of the purchase price between $55,000 and $400,000 2% of the amount over $400,000
The above Toronto Land Transfer Tax calculation is for property containing at least one, and not more than two single family residences. Check with your lawyer for all other property purchases as a different calculation method is used. To calculate your Toronto & Ontario Combined Land Transfer Tax amount, CLICK HERE. |
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