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

    3 EVERSON DRIVE, SUITE 326, AVONDALE, Jethro Seymour, one of the Top Davisville Real Estate Broker
    Happy First Time Home Buyers in North York
    A determined and patient Broker

    “As a first time home buyer I had no knowledge of how to go about this process so I put my trust in Jethro.

    After telling Jethro our preferences for a home he showed us a variety of places and allowed us to make our own decisions while providing helpful advice that spoke specifically to our needs.

    Jethro remained determined to finding us our perfect home and never lost patience, working with us while we took our time realizing our specific requirements. He always greeted us with a smiling..."

    More Testimonials
  • Neighbourhood Information

    [pt_view id="5eef3b94jg"]
  • Community Corner

    [pt_view id="39cabc0841"]