Ontario Land Transfer Tax Calculator
In Ontario, individuals who purchase a property are required to pay a land transfer tax at the time of closing. The amount owed depends on several factors including whether or not you are a first-time home buyer, the amount paid for the property, and any assumed mortgages or debts included in the transaction, if applicable.
At Chera Law Office, our team of real estate lawyers recognize that the land transfer tax often adds a degree of complication to real estate transactions and are committed to simplifying the process.
Comprehensive Ontario Land Transfer Tax Information
Buying a home means factoring in several costs in addition to the price of your new property. For instance, the fees associated with services such as home inspections and appraisals are typically the responsibility of the purchaser. Working alongside a real estate lawyer means avoiding unexpected financial obligations throughout the home buying process. Our extensive experience handling residential real estate transactions means that we can provide you with practical, up-to-date guidance from start to finish.
Calculating The Land Transfer Tax
Ontario’s land transfer tax is charged as a percentage of the price paid for a property as follows:
- 0.5% up to and including $55,000
- 1.0% above $55,000 and up to $250,000
- 1.5% above $250,000 and up to $400,000
- 2.0% above $400,000
- 2.5% above $2,000,000 where the land includes 1 or 2 single family homes
If you are purchasing property in the city of Toronto, you will be required to pay a municipal property tax in addition to the provincial one.
By using our Ontario land transfer tax calculator, you can get a better understanding as to what to expect in regards to your situation.
Contact A Real Estate Lawyer Today
Contact our Mississauga office at 800-625-9007 or email us to discuss your real estate and land transfer tax questions. We are pleased to offer a free, no-obligation consultation.