HomeLife Eagle Realty Inc, Brokerage *

O: 905-773-7771

May  Salehi

May Salehi

Sales Representatives

Mobile:
416-624-5811
Email Me
Alex   Aftassi

Alex Aftassi

Sales Representative

Mobile:
416-357-3132
Toll Free:
Email Me
May  Salehi

May Salehi

Sales Representatives

HomeLife Eagle Realty Inc, Brokerage *

Mobile:
416-624-5811
Office:
905-773-7771
Email Me

Land Transfer Tax Details

 

Land Transfer Tax

 

Purchasers in most large Canadian cities can add Land Transfer Taxes to their list of closing costs. Unless you live in Alberta, Saskatchewan, or rural Nova Scotia, land transfer taxes (or property purchase tax) are part of the deal. These taxes, levied on properties that are changing hands, are the responsibility of the purchaser. Depending on where you live, taxes can range from half of a percent to two percent of the total purchase price.

 

Many provinces have multi-tiered taxation systems that can be complicated. For example, if you purchase a property for $300,000 in Ontario, 0.5% is charged on the first $55,000, 1% is charged on $55,000 - $250,000, while the $250,000 - $400,000 range is taxed at 1.5%. Your total tax bill? $2,975.00.

*Land Transfer Tax  for Toronto Residential Properties:
To calculate the total LTT payable for Residential properties in Toronto, Add the "Ontario Provincial Land Transfer Tax" and "Toronto Land Transfer Tax" together:

Use the table below to calculate land transfer tax.

  • Residential property: land that contains one or two single family residences
  • VC: Value of the consideration for the conveyance or disposition
  • LTT: Land transfer tax payable
     

Ontario Provincial LTT:(Applies to all Residential Ontario properties, including Toronto)          Formula
0.5% on the first $55,000                                                                                                                                    LTT = VC × 0.005
plus 1.0% of the amount from $55,001 to $250,000                                                                                         LTT = (VC × 0.01) - $275
plus 1.5% of the amount in excess of $250,001 to $400,000                                                                           LTT = (VC × 0.015) - $1,525
plus 2.0% of the amount in excess of $400,000                                                                                                LTT = (VC × 0.02) - $3,525

Amounts exceeding $2,000,000, where the land contains one or two single family residences: 2.5%.

Toronto LTT:(Applies to Toronto Residential properties only)
0.5% on the first $55,000                                                                                                                       LTT = VC × 0.005
plus 1.0% of the amount from $55,001 to $400,000                                                                             LTT = (VC × 0.01) - $275

plus 2.0% of the amount in excess of $400,000                                                                                    LTT = (VC × 0.02) - $4275

Need more Details, please contact us.

The following chart illustrates Land Transfer Taxes by province.

ONTARIO
Land Transfer Tax (go to calculator)
Up to $55,000 X 0.5% of total purchase price
From $55,000 to $250,000 X 1% of total purchase price
From $250,000 to $400,000 X 1.5% of total purchase price
From $400,000 up X 2% of total purchase price
BRITISH COLUMBIA
Property Purchase Tax
Up to $200,000 X 1% of total purchase price
From $200,000 up X 2% of total purchase price
MANITOBA
Land Transfer Tax
Up to $30,000 N/A
From $30,000 to $90,000 X 0.5% of total purchase price
From $90,000 to $150,000 X 1% of total purchase price
From $150,000 up X 1.5% of total purchase price
QUEBEC
Transfer Tax
Up to $50,000 X 0.5% of total purchase price
From $50,000 to $250,000 X 1% of total purchase price
From $250,000 up X 1.5% of total purchase price
Halifax Metro
1.5% on total purchase price
Outside HalifaxCounty
Check with local municipality.
 *Source: Ministry of Finance website 

 

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