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

info@homeliferealtyone.com                                      info@regentparklife.com

 

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.

Contact Me

HomeLife/Realty One Ltd., Brokerage
HomeLife/Realty One Ltd., Brokerage Independently owned and operated
501 Parliament Street
Toronto, Ontario   M4X 1P3

Toll-Free: 1-866-242-5641Phone: 416-922-5533Fax: 416-922-5808
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