Mississauga Ontario land transfer tax

Land Transfer Tax 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.

Land transfer tax calculator

Ontario's Land Transfer Tax:

Up to $55,000 X 0.5 % of total property value
From $55,000 to $250,000 X 1 % of total property value, less $275
From $250,000 to $400,000 X 1.5 % of total property value, less $1525
From $400,000 up X 2 % of total property value, less $ 3525

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

Land transfer Tax rebate is a permanent program allowing a rebate of provincial land transfer tax otherwise payable up to $2000 for all agreement of purchase and sale entered into after March 31, 1999 (being the land transfer tax on a $227,500 home, using above calculation). As of Dec 14, 2007, resale home buyers are eligible for Ontario's New Land Transfer Tax Rebate

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.