Land Transfer Tax

How do I calculate land transfer tax?

The tax rates on the value of the consideration are:

PercentageExplanation
0.5%
amounts up to and including $55,000
1.0%
amounts exceeding $55,000 up to and including $250,000
1.5%
amounts exceeding $250,000
2.0%
amounts exceeding $400,000 where the land contains one or two single family residences

For a quick calculation of land transfer tax refer to the following list. Residential property refers to land containing one or two single family residences as defined by the Land Transfer Act. Value of the Consideration for a conveyance or disposition is shown as 'VC'. Land transfer tax payable is shown as 'LTT'.

For the Value of the Consideration:Formula
up to and including $55,000 LTT = VC × 0.005
exceeding $55,000 and up to $250,000 LTT = (VC × 0.01) - $275
exceeding $250,000, for property other than residential LTT = (VC × 0.015) - $1525
exceeding $250,000 up to $400,000, for residential property LTT = (VC × 0.015) - $1525
for residential property exceeding $400,000 LTT = (VC × 0.02) - $3525

 

To find out more about how Land Transfer Tax Works and if you qualify for the First Time Home Buyers Rebate check Click Here!

 

 

Kimberly Clark

Kimberly Clark

Broker
CENTURY 21 Leading Edge Realty Inc., Brokerage*
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