Land Transfer Tax
In Ontario, Land Transfer Tax is levied on property sales. The purchaser is respnsible for payment of the Land Transfer Tax.
Ontario has a multi-tiered taxation system that can be complicated. For example, 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. (Purchasers of property in Toronto are also required to pay Toronto Land Transfer Tax, in addition to Ontario Land Transfer Tax.)
ONTARIO |
Land Transfer Tax (go to calculator) 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 |