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Land Transfer Tax Calculator

Purchasers in Toronto & the GTA can add Land Transfer Taxes to their list of closing costs. 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.

In Ontario, if you purchase a property for $300,000, 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.

The following chart illustrates Land Transfer Taxes in Ontario.

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
 
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Land Transfer Tax (LTT) Rebate Program

When you buy land or an interest in land in Ontario, you pay land transfer tax. First-time homebuyers of an eligible home may be eligible for a refund of all or part of the tax:

No land transfer tax is payable by qualifying first‑time purchasers on the first $368,000 of the value of the consideration for eligible homes. First‑time purchasers of homes greater than $368,000 would receive a maximum refund of $4,000.

Limitation

The refund will be reduced if one (or more) of the purchasers is not a first‑time homebuyer. The refund will be proportionate to the interest acquired by the individuals who qualify for the refund.

Requirements to qualify for the refund

To qualify for a refund:

The purchaser must be at least 18 years old.

The purchaser must occupy the home as their principal residence within nine months of the date of transfer.

The purchaser cannot have ever owned an eligible home, or an interest in an eligible home, anywhere in the world, at any time.

Time limit to apply for refund

A qualifying purchaser must apply for the refund within 18 months after the date of registration of the conveyance or the date the unregistered disposition occurs.

For more information call the Ontario Finance Ministry at 1-800-263-7965.


Miko Nalepa

Sales Representative
Cloud Realty, Brokerage
36-3180 Ridgeway Drive
Mississauga ON L5S 5S7

Phone Numbers

Direct: 416 587 6172

Disclaimer

TheCondoBar.com assumes no responsibility for the accuracy of any information shown. 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. Privacy Policy

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