HomeLife / Realty One Ltd. ,  Brokerage*

501 Parliament St., Toronto, ON,  M4X 1P3 (locate us)      2261 Bloor Street West, Toronto, ON M6S 1N8 (locate us)    323 Carlaw Avenue, Toronto, ON M4M 2S1 (locate us) 

                         Phone: 416.922.5533                                                                   Phone: 416.763.5161                                                                  Phone: 416.465.8888

                            Fax: 416.922.5808                                                                         Fax: 416.763.5097                                                                       Fax: 416.465.8886

                                                          
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Land Transfer Tax

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.

ONTARIO
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

BRITISH COLUMBIA
Property Purchase Tax
Up to $200,000 X 1 % of total property value
From $200,000 up X 2 % of total property value

MANITOBA
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

QUEBEC
Transfer Tax
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

NOVA SCOTIA
Land Transfer Tax
Halifax Metro
1.5 per cent on total property value
Outside Halifax County
Check with local municipality.

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