Land Transfer Tax

The cost is a percentage of the property's purchase price and may vary from province to province.

Ontario Tax Rates on property with 1 or 2 single family residences are as follows:

Calculation examples

Example #1

Property purchased is $95,000

• Multiply $55,000 by 0.5% (55,000 x 0.005) = $275
• Multiply the amount exceeding $55,000 up to $250,000 by 1.0% (40,000 x 0.01) = $400

Total land transfer tax payable = $675

Example #2

Property purchased is $450,000

• Multiply $55,000 by 0.5% (55,000 x 0.005) = $275
• Multiply the amount exceeding $55,000 up to $250,000 by 1.0% (195,000 x 0.01) = $1,950
• Multiply the amount exceeding $250,000 up to $400,000 by 1.5% (150,000 x 0.015) = $2,250
• Multiply the amount exceeding $400,000 by 2.0% (50,000 x 0.02) = $1,000

Source: http://www.rev.gov.on.ca/english/bulletins/ltt/2_2005.htm

While great care has been taken to ensure the accuracy of the information provided throughout www.philiphollett.com and www.waterdownhomes.com, Philip Hollett does not assume liability for decisions based on the information provided or related to the information provided. Philip Hollett E&OE.

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Land Transfer Tax