Toronto and Ontario Land Transfer Tax - Jethro Seymour - Top Midtown Toronto (Davisville Village ,Leaside) Real Estate AgentJethro Seymour – Top Midtown Toronto (Davisville Village ,Leaside) Real Estate Agent
Your search results

Toronto and Ontario Land Transfer Tax

Posted by seymour on October 10, 2014
| 0

Land Transfer Tax is a significant closing cost you will have to take into consideration when buying a new home.landtransfertax

Unless you live in Alberta, Saskatchewan, or rural Nova Scotia, land transfer taxes (or property purchase tax) are a basic fact of life. These taxes, levied on properties that are changing hands, are the responsibility of the purchaser. Depending on where you live, taxes can range from a half a per cent to two per cent of the total value of the property.

Many provinces have multi-tiered taxation systems that can prove complicated. If you purchase a property for $260,000 in Ontario, for example, .5 per cent is charged on the first $55,000, 1 per cent is charged on $55,000 – $250,000, while the $250,000 – $400,000 range is taxed at 1.5 per cent. Your total tax bill? $2,375.00.

 

Use our calculator to get quick the quick answers you are looking for ( go to calculator )

The following chart illustrates Toronto and Ontario Land Transfer Tax rates

 

ONTARIO

Land Transfer Tax ( go to calculator )
Up to $55,000 X .50 % of total property value
From $55,001 to $250,000 X 1 % of total property value
From $250,001 to $400,000 X 1.5 % of total property value
From $400,001 up X 2 % of total property value

 

TORONTO

Land Transfer Tax ( go to calculator )
Up to $55,000 X .50 % of total property value
From $55,001 to $400,000 X 1 % of total property value
From $400,001 up X 2 % of total property value

Toronto residents are required to pay both taxes in a real estate transaction.


* indicates required field
  • Testimonials

    Another Davisville Village Home Sold!
    Another Davisville Village Home Sold!
    A Stress-Free Process

    "Selling a home can be a stressful process at the best of times, however under the leadership of Jethro Seymour of Royal LePage / J&D we had such confidence in their marketing plan, area knowledge and ability to deliver, our stress level and that of our families was reduced significantly.

    He brought a comprehensive team of professionals who prepared our home to show its best! He prepared beautiful and informative marketing materials and made sure that every possible avenue for..."

    More Testimonials
  • Neighbourhood Information

    Sherwood Park

     Sherwood Park: A Quiet Oasis in the Heart of Toronto Located in north Toronto, the Sherwood Park neighbourhood offers peaceful, ...
    Read More
  • Community Corner

    Seymour Contests: January 2017 Spa Giveaway

    Happy January, everyone! Last month’s lucky winner, Cathy Philips, won herself a $80 gift certificate to McSorley’s on Bayview. Congratulations! Thank ...
    Read More