Land Transfer Tax Calculator


Land transfer tax (LTT) is often overlooked when considering the total cost of purchasing a home. All provinces have a land transfer tax, except Alberta and Saskatchewan, who instead levy a much smaller transfer fee. In most provinces the tax is calculated as a percentage of property value, using asking price as a close estimate.

Homebuyers in  Toronto, however, also incur an additional municipal tax.

 

To help offset the unwelcome cost, Ontario, British Columbia, Prince Edward Island and the City of Toronto offer land transfer tax rebates for first-time homebuyers.

   

 

How To Calculate Land Transfer Tax

Land transfer taxes are calculated based on the purchase price of your property. Each province sets its own land transfer rates, and there are also special rules when buying real estate in Toronto. Use calculator above to find the land transfer tax or keep reading to find out how land transfer tax is calculated. 

 

 

Ontario Land Transfer Tax

Purchase Price of Home Marginal Tax Rate
First $55,000 0.5%
$55,001 - $250,000 1.0%
$250,001 - $400,000  1.5%
$400,001 - $2,000,000 2.0%
Over $2,000,000 2.5%
   

Ontario First-Time Homebuyer Land Transfer Tax Refund

The Ontario land transfer tax refund is equal to the full value of the land transfer tax up to a maximum of $4,000

 

Eligibility:

  • The buyer must be a Canadian citizen or permanent resident of Canada
  • The buyer must be older that 18 years
  • The buyer must occupy the home within nine months of purchase
  • The buyer cannot have owned a home anywher in the world
  • The buyer's spouse cannot have owned a home while being your spouse

 

Based on Ontario land transfer tax rates, the refund will cover the fully taxes amount on homes up to $368,333. For homes over $368,333, homebuyers will receive the maximum $4,000 refund and have to pay the remaining LTT balance. To obtain this refund, you need to apply within 18 months after the purchase of your home

 

 

 

Toronto Land Transfer Tax

If purchasing home in Toronto, there is an additional municipal land transfer tax.

Toronto's land transfer tax applies within the following boundaries:

-  Steeles Avenue as the North boarder;

-  Etobicoke as the West boarder;

-  Scarborough as the East boarder and

-  Lake Ontario as the South boarder.

Purchase Price of Home Marginal Tax Rate
First $55,000 0.5%
$55,001 - $250,000 1.0%
$250,001 - $400,000  1.5%
$400,001 - $2,000,000 2.0%
Over $2,000,000 2.5%
   

Toronto First-Time Homebuyer Land Transfer Tax Refund

First-time homebuyers in Toronto of new and resale homes are eligible to receive a rebate up to a maximum of $4,475

 

Eligibility:

  • The buyer must be a Canadian citizen or permanent resident of Canada
  • The buyer must be older that 18 years
  • The buyer must occupy the home within nine months of purchase
  • The buyer cannot have owned a home anywher in the world
  • The buyer's spouse cannot have owned a home while being your spouse

 

 

Courtesy of RateHub.Ca

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NATASHA McCOLL - Condominium.Ca

Sutton Group Realty Systems Brokerage

Independently owned and operated

2186 Bloor Street West, Toronto ON, M6S 1N3

Direct: 647-222-2222

Office: 416-762-4200

info@condominium.ca

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