Land Transfer Tax 101

Ontario Land Transfer Tax:

The following are a land transfer tax that buyers must pay when purchasing a home in Toronto. Noticed that there is two taxes Ontario and Toronto Land Transfer Tax.

Keep in mind that if you are purchasing a home outside Toronto you may only be responsible to pay one of the tax below which is the Ontario Land Transfer Tax. Speak to a licensed realtor for more details.

Ontario Land Transfer Tax

0.5% - on the first $55,000
1.0% - on portion between $55,000 - $250,000
1.5% - on balance over $250,000
2.0% - on anything over $400,000
Qualifying first time buyers receive a $2000 credit

Toronto Land Transfer Tax

0.5% - on the first $55,000
1.0% - on portion between $55,000 - $400,000
2.0% - on anything over $400,000
First time buyers are exempt on the first $400,000

First time home buyers can also benefit on certain credit from the government so it is beneficial to check land transfer tax prior to purchasing a property. Also, note not to get mixed up with Land Transfer Tax with a Property Tax. They mean two different things!

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Alex Macale

Alex Macale

Sales Representative
CENTURY 21 Leading Edge Realty Inc., Brokerage*
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