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.)
|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