Understanding Land Transfer Tax

One of many expenses that a buyer is responsible for  when purchasing a property or land is the Land Transfer Tax.  In my experience most often sellers (who eventually will end up buying another property)  and buyers are usually aware of the LTT but  tend to forget  to take it into account when calculating if they can afford to make a potential real estate  purchase.  The LTT is payable to the province  (as it is a provincial tax)  upon closing of the purchase of a property or land.  In Toronto, buyers are also responsilble for the Municipal Land Transfer Tax.

If you would like to get a head start on calculating what your LTT as a buyer might be visit the Toronto Real Estate Board's  link at http://www.torontorealestateboard.com/ltt_splash/ltt_calculator.htm   .  GOOD LUCK!!.  Please note there is a lot more that relates to Land Transfer Taxes which is why it is always important that buyers and sellers seek advise from their respective solicitors to ensure that everything is calculated accuratley.

 

 

  

Genevra Cemovic

Genevra Cemovic

Sales Representative
CENTURY 21 Millennium Inc., Brokerage*
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