Land Transfer TaxNick Chan
What is the Land Transfer Tax
When you acquire a property (house, condo) or land in the province of Ontario, you are required to pay land transfer tax to the province when the transaction closes. Land transfer tax is based on the purchase price of the property and will be payable to your lawyer who will file the Land transfer tax on your behalf.
There are two types of land transfer tax that will be applied to you, depending on where you purchase the property. The first land transfer tax applies to all purchased properties within the province of Ontario, while the second tax is an additional property tax if the property is purchased in the City of Toronto. That’s right, in addition! If you purchase a property in the City of Toronto, you are subject to 2 property tax, while properties purchase outside the City of Toronto but within Ontario are subject to only ONE!
Ontario Land Transfer Tax
The Ontario land transfer tax (LTT) is a marginal tax and each portion of your home’s value is taxed at a unique rate. These tax rates are as follows:
|Purchase Price of Home
||Ontario Land Transfer Tax Rate
|On $55,000 to $250,000
|On $250,001 to $400,000
If you are buying a property in Ontario that does not reside in the City of Toronto, only the Ontario Land Transfer Tax applies. Please use the calculator below to calculate the tax that would be remitted on closing.
For more information on the Ontario Land Transfer Tax please visit:
Toronto Land Transfer Tax
The Toronto Land Transfer Tax will be charged on a graduated basis depending on the value of consideration paid for the property. For property containing at least one, and not more than two, single family residences with a consideration value of:
|Purchase Price of Home
||Toronto Land Transfer Tax Rate (MLTT)
|Up to $55,000.00
|$55,000.01 to $400,000.00
If you are purchasing a property that resides in the City of Toronto, the municipal land transfer tax (MLTT) or Toronto Land Transfer Tax will applied to the purchase in addition to the Ontario LLT. Please use the calculate below to calculate only the Toronto Land Transfer Tax. Further down is a useful tool that will calculate both the Ontario and Toronto Land Transfer Tax for ease of use.
For more information on the Toronto Land Transfer Tax please visit:
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