Right at Home Realty Inc. REALTOR
895 Don Mills Rd., Suite 202 Toronto, Ontario M3C 1W3
Agnes Buss Real estate agent sales representative
free first time home buyers information about buying in the Greater Toronto Area, Toronto real estate resale homes purchase, listing agents, toronto buyer agents, estate homes and sales, toronto new houses, condo, condominiums, commerical properties, investment properties in the GTA.
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Agnes Buss, B.Com
Sales Representative
free first time home buyers information, friendly agent
Under the Land Transfer Tax Act any person obtaining an interest in land is liable to pay land transfer tax. Land Transfer Tax, as defined by the Act includes land, buildings, estates, options, leasehold interests and fixtures. The tax is based on a mathematical calculation that is deemed to represent the fair market value of the land being purchased.
Thus Real Estate buyers in most large Canadian centres can add Land Transfer Taxes to their list of Closing Costs. However there are a few exceptions. If you live in Alberta, Saskatchewan or rural Nova Scotia, land transfer taxes (also known as property purchase tax) are a basic fact of life. These taxes, levied on properties that are changing hands, are the responsibility of the buyer. Depending on where you live, taxes can range from a half a percent (0.5%) to two percent (2.0%) of the total value purchase price of the property. Many provinces have a multi-tiered taxation system that can prove complicated.
Up to $55,000 x 0.5% of total property value
From $55,000 to $250,000 x 1.0% of total property value
From $250,000 to $400,000 x 1.5% of total property value
From $400,000+ x 2.0% of total property value
For more information on Land Transfer Tax please visit the Ontario Ministry of Finance website:
For example, if you purchase a property for $260,000 in Ontario the following land transfer tax calculation would apply:
0.5% is charged on the first $55,000
The remaining $10,000 ($260k-$250k) is charged under the $250,000 - $400,000 bracket which is taxed at 1.5%
1.0% is charged on $55,001 - $250,000 bracket
Up to $200,000 x 1% of total property value
From $200,000+ x 2% of total property value
Up to $30,000 N/A
From $30,000 to $90,000 x 0.5% of total property value
From $90,000 to $150,000 x 1.0% of total property value
From $150,000+ x 1.5% of total property value
Applicable to Halifax Metro - 1.5% on total property value
For LTT outside the Halifax County please check with your local municipality.
NOVA SCOTIA
MANITOBA
BRITISH COLUMBIA
ONTARIO
Up to $50,000 x 0.5% of total property value
From $50,000 to $250,000 x 1.0% of total property value
From $250,000+ x 1.5% of total property value
QUEBEC
