Ontario Land Transfer Tax Calculation

The information contained on this page is for estimation purposes only and applies to the sale of Ontario Residential properties only. Your actual Ontario Land Transfer Tax should be independently calculated by your Realtor and verified.  MyDaddyHomes shall have no  liability for the accuracy of the information contained on this page.

What is Land Transfer tax? 

A levy charged to the purchaser of a property upon registration of the instrument of conveyance, usually a percentage of the purchase price.  It is part of the closing costs of a home and is paid to the Provincial Government. 

Ontario  Land Transfer Tax Breakdown:

  • amounts up to and including $55,000: 0.5%
  • amounts exceeding $55,000, up to and including $250,000: 1.0%
  • amounts exceeding $250,000, up to and including $400,000: 1.5%
  • amounts exceeding $400,000: 2.0%
  • amounts exceeding $2,000,000, where the land contains one or two single family residences: 2.5%

 

  • Qualifying first time buyers receive up to a $4000 credit. Eligibility:
  1. The buyer must be a Canadian citizen or permanent resident of Canada.
  2. The buyer must be older than 18 years of age.
  3. The buyer must occupy the home within nine months of transfer of title to the buyers.
  4. The buyer cannot have owned a home before in Canada or anywhere else in the world.
  5. The buyer’s spouse cannot have owned a home during the course of the marriage.

 

City Of Toronto Additional Land Transfer Tax:

If you purchase a home in the City Of Toronto, you will have to pay a second land transfer tax on top of the Provincial land transfer tax at the following rates:

First $55000.00                                  0.5%
$55,000.00 to $250,000.00                               1.0%
$250,000.01 to $4000,000.00                               1.5%
$400,000.01 to $2,000,000.00                                   2.0%
Over $2,000,000                               2.5%

 

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