HomeLife/Realty One Ltd., Brokerage
Independently Owned and Operated
501 Parliament Street 71 Regent Park Blvd
Toronto, Ontario M4X 1P3 Toronto, Ontario M5A 3K2
Phone: 416-922-5533 Fax: 416-922-5808 Phone: 416-601-2121 Fax: 416-601-1495
Purchasers in most large Canadian centres can add Land Transfer Taxes to their list of closing costs.
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.
The following chart illustrates Land Transfer Taxes by province.
Land Transfer Tax (go to calculator)
Up to $55,000 X .5 % of total property value
From $55,000 to $250,000 X 1 % of total property value
From $250,000 to $400,000 X 1.5 % of total property value
From $400,000 up X 2 % of total property value
Property Purchase Tax
Up to $200,000 X 1 % of total property value
From $200,000 up X 2 % of total property value
Land Transfer Tax
Up to $30,000 N/A
From $30,000 to $90,000 X .5 % of total property value
From $90,000 to $150,000 X 1 % of total property value
From $150,000 up X 1.5 % of total property value
Up to $50,000 X .5 % of total property value
From $50,000 to $250,000 X 1 % of total property value
From $250,000 up X 1.5 % of total property value
Land Transfer Tax
1.5 per cent on total property value
Outside Halifax County
Check with local municipality.