When purchasing residential property in Ontario, you will have to pay a tax referred to as Land Transfer Tax.

Land Transfer Tax is calculated on the purchase price of the home. (if it is a new construction, then tax is calculated on the purchase price less the GST)

Land Transfer Tax is payable by the purchaser at the time of registration of the Transfer/Deed of land.

Land Transfer Tax Is a percentage of your purchase price

Calculation:
Under 250,000.00 LTT is 1% of Purchase Price minus $ 275.00
Over 250,000.00 LTT is 1.5% of Purchase Price minus $1,525.00
Over 400,000.00 LTT is 2.0% of Purchase Price minus $3,525.00

The City of Toronto approved a municipal Land Transfer Tax that will be levied in addition to the current Ontario provicial Land Transfer Tax.

The new Toronto Land Transfer Tax will take effect on purchases that are signed after Dec. 31, 2007 and close after Feb. 1, 2008.

Calculation:
Purchase price x 0.5 % on the first $55,000
Purchase price x 1.0 % on the next $345,000
Purchase price x 2% on the entire portion over $400,000

First time home buyers may be entitled to a Land Transfer Tax rebate when purchasing a new home

Please try our Land Transfer Tax Calculator to find out what your Land Transfer and Toronto Land Transfer taxes would be.