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Land Transfer Tax – Did You Knows?

Purchasers in Ontario add Land Transfer Taxes to their list of closing costs. Land transfer taxes are levied on properties that are changing hands, and are the responsibility of the purchaser.

Ontario’s Land Transfer Tax:

  • Up to $55,000 X 0.5 % of total property value
  • From $55,000 to $250,000 X 1 % of total property value, less $275
  • From $250,000 to $400,000 X 1.5 % of total property value, less $1525
  • From $400,000 up X 2 % of total property value, less $ 3525

Toronto’s Land Transfer Tax:

Toronto home buyers will pay additional new tax rates (on purchase agreements signed after Dec 31, 2007 and close after Feb 1, 2008)

  • 0.5% on first $55,000,
  • 1% on next $345,000, and
  • 2% on portion over $400,000

Exemption: First time buyer do not pay the new tax on the first $400,000 of a property purchase.

Use the land transfer tax calculator to calculate both your Ontario and City of Toronto (if applicable) land transfer taxes. First time home buyers qualify for a maximum $2,000 (LTT on a $227,500 home) provincial rebate and a maximum $3,725 (LTT on a $400,000 home) City of Toronto rebate.

 

>>Land Transfer Taxes Video

 

Casey Ragan

“Toronto’s Condo Authority”

Toronto Condos and Lofts

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Address

RE/MAX Hallmark Realty Ltd., Brokerage
723 Mount Pleasant Road
Toronto, ON
M4S 2N4

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Trademarks owned or controlled by The Canadian Real Estate Association. Used under license.

The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale or lease of real estate and may not be used for any commercial purpose or any other purpose.

Information is deemed reliable but is not guaranteed accurate by TREB.

Toronto Real Estate Board - IDX Last Updated: 8/21/2017 6:30:22 AM