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Land Transfer Tax
Buyers in most areas will have to add Land Transfer Taxes to their closing costs.
These taxes which are levied on properties that are changing hands, are the responsibility of the buyer. Ontario taxes can range from 0.5% to 2.5% of the total purchase price of the property.
This multi-tiered taxation system can sometimes be difficult to understand. For example, if you buy a property for $500,000 in Ontario, .5 per cent is charged on the first $55,000, 1 per cent is charged on the portion from $55,000 - $250,000, then the amount from $250,000 - $400,000 range is taxed at 1.5 per cent and lastly $400,000 - $2,000,000 is taxed at a rate of 2%. In this example your total provincial tax bill would be $6,475.00.
Tax Rates
Ontario
Effective January 1, 2017, the following are the Provincial rates for land transfer tax:- Amounts up to and including $55,000: 0.5%
- Amounts exceeding $55,000, up to and including $250,000: 1.0%
- Amounts exceeding $250,000, up to and including $400,000: 1.5%
- Amounts exceeding $400,000, up to and including $2,000,000: 2.0%
- Amounts exceeding $2,000,000, where the land contains one or two single family residences: 2.5%.
First-time homebuyers may be eligible for a refund of all or part of the Provincial tax. To see if you qualify please visit Ontario's Rebate Program
Buying a Property in Toronto?
If you are purchasing a home in Toronto, there is an additional municipal land transfer tax. Toronto's land transfer tax applies to properties purchased within the following boundaries: Steeles Avenue as the North border, Etobicoke as the West border, Scarborough as the East border and Lake Ontario as the South border.The following Tax Rates apply to properties purchased in Toronto with a closing on or after March 1, 2017
- Amounts up to and including $55,000: 0.5%
- Amounts exceeding $55,000, up to and including $250,000: 1.0%
- Amounts exceeding $250,000, up to and including $400,000: 1.5%
- Amounts exceeding $400,000, up to and including $2,000,000: 2.0%
- Amounts exceeding $2,000,000, where the land contains one or two single family residences: 2.5%.
First-time homebuyers may be eligible for a refund of all or part of the Toronto tax. To see if you qualify please visit Toronto Rebate Opportunities
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The information contained on this site is based in whole or in part on information that is provided by members of The Canadian Real Estate Association, who are responsible for its accuracy. CREA reproduces and distributes this information as a service for its members and assumes no responsibility for its accuracy.
This website is operated by a brokerage or salesperson who is a member of The Canadian Real Estate Association.
The listing content on this website is protected by copyright and other laws, and is intended solely for the private, non-commercial use by individuals. Any other reproduction, distribution or use of the content, in whole or in part, is specifically forbidden. The prohibited uses include commercial use, "screen scraping", "database scraping", and any other activity intended to collect, store, reorganize or manipulate data on the pages produced by or displayed on this website.
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