Land Transfer Tax Ontario

Mississauga Ontario land transfer tax

LAND TRANSFER TAX CALCULATOR ONTARIO


Purchasers in Ontario add Land Transfer Taxes to their list of closing costs. Land transfer taxes are levied on properties that are changing hands, are the responsibility of the purchaser.

Ontario's Land Transfer Tax:

First $55,000 X 0.5 %
On $55,000 to $250,000 X 1 %
On $250,001 to $400,000 X 1.5 %
Over $400,001 X 2.5 % where the land contains one or two single family residences.

Additional New Toronto's Land Transfer Tax:

Toronto home buyers will pay additional new tax rates:
0.5% on first $55,000,
1% on next $345,000, and
2% on portion over $400,000

Exemption: First time buyer do not pay the new tax on the first $400,000 of a property purchase. More about Toronto's new land transfer tax

Land Transfer Tax Rebate

First-time home buyers of an eligible home would receive a maximum refund of $4,000. Or in other words, first-time buyers will not pay land transfer tax on the first $368,000 of the cost of their homes.

Eligibility of the buyer:

Eligibility of the property

Restrictions on amount claimed:

Other conditions

For more information on land transfer tax rebate speak to your real estate lawyer or visit Revenue Canada's website.