Ontario Land Transfer Tax Costs
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(Revised April 21, 2017)
On transfers of residential real property in Ontario, Ontario Land Transfer Tax (LTT) is calculated on the purchase price (less a calculation regarding HST, if the property purchased is a newly built home). The Ontario land transfer tax is payable by the purchaser on the purchase price upon registration of a Transfer/Deed of Land in the Ontario Land Registry Office on closing based on the following upward sliding scale: 0.5% on the first $55,000 of the purchase price, plus | 1.0% on the amount exceeding $ 55,000 up to and including $250,000, plus | 1.5% on the amount exceeding $250,000 up to and including $400,000, plus | 2.0% on the amount over $400,000 up to $2,000,000 plus |
2.5% on the amount over $2,000,000 (as of January 1, 2017) |
[Be aware that for non-residential properties, such as industrial or commercial real estate or
for multi-unit residential properties (3 or more kitchens) other Ontario LTT revisions and increases
will be effective January 1, 2017]. |
Example:
The Ontario land transfer tax on a property transferred for $200,000 is calculated as $275.00 on the first $ 55,000 (0.5% = $ 275.00), plus $1,450.00 on the next $145,000 (1.0% = $1,450.00), for a total of $1,725.00. | | | NOTE: If you are buying new from the builder, the Ontario Land Transfer Tax is calculated on a price which is net of HST and therefore the Ontario Land Transfer Tax will be slightly less for a new home than for a resale home with the same price. ALSO, if you are a first time purchaser (buying a resale home or a new home from a builder), you may be eligible for a refund of Ontario Land Transfer Tax ordinarily payable. Check out following link for Ontario Land Transfer Tax Refund Programs: NOTE: If the property you are buying is in Toronto, South of Steeles between the Western boundary of Etobicoke and the Eastern boundary of Scarborough, you might be required to pay a FURTHER TORONTO LAND TRANSFER TAX. Checkout the following link for Toronto Land Transfer Tax: - Land Transfer Tax: City of Toronto
ALSO BE AWARE that Ontario (for properties in and around Toronto) now charges (for Purchase Agreements accepted after April 20, 2017) an added 15% tax based on the purchase price if any one of the buyers is a FOREIGN NATIONAL (not a Canadian Citizen or a Permanent Resident of Canada), UNLESS only two people buy jointly and are spouses or common law spouses and one is a FOREIGN NATIONAL.
Note: If within four years of closing, a Foreign National becomes a Canadian Citizen or Permanent Resident, one can apply for a refund of the 15% tax if one qualifies. | Please click here for a FREE Quote |
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