Eric  Glazenberg

Eric Glazenberg

Broker

Sutton Group-Admiral Realty Inc., Brokerage *

Mobile:
416-994-3871
Office:
(416) 739-7200
Email Me

Land Transfer Tax Details

Land Transfer Tax

Buyers of property in Ontario pay a Provincial Land Transfer Tax when they purchase a property.   Those purchasing in Toronto are especially unlucky  –  they are required to pay a 2nd tax in the form on the Municpal Land Transfer Tax.  Your lawyer will arrange for land transfer taxes to be paid when the deed to the new home is transferred in your name, which occurs on closing day.

Some good news for first-time buyers is that they may be eligible to receive a refund for some or all of the land-transfer tax payable.  Those qualifying as first-time homebuyers may receive rebates of up to $4000 on the Provincial Land Transfer Tax, as well as up to $4475 for the Toronto portion.

 

How much is land transfer tax in Toronto and Ontario?

Toronto and Ontario land transfer taxes are based on a sliding scale, which is detailed below.  However, it’s much easier to just use the Land Transfer Tax Calculator:

Ontario Land Transfer Tax:

  • 0.5% of the value of the property up to and including $55,000
  • 1% of the value which exceeds $55,000 up to and including $250,000
  • 1.5% of the value which exceeds $250,000 up to and including $400,000
  • 2% of the value between $400,000 and $2,000,000
  • 2.5% for amounts exceeding $2,000,000, where the land contains one or two single family residences

Toronto Land Transfer Tax:

  • 0.5% up to and including the first $55,000
  • 1% of the value which exceeds $55,000 up to and including $250,000
  • 1.5% of the value between $250,000 and $400,000
  • 2% of the value between $400,000 and $2,000,000
  • 2.5% of the value over $2,000,000

 

Bottom Line:  If you’re planning on buying a house or condo in the GTA, make sure you’ve budgeted for the land transfer tax!

 

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