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Land Transfer Tax Calculator
Thanks to the Toronto City Council, anyone buying a house, condo or loft after December 31, 2007 or closing after February 28, 2008 will have to pay a 2nd land transfer tax. Remember this next municipal election!
The Ontario Land Transfer Tax is a tax charged by the province when ownership of property is changed. It is normally paid by the purchaser when property is bought. It applies everywhere in the province.
But now anyone buying the city of Toronto has to pay twice. We have included this new tax here, so that you can see just how much the city is gouging you.
Currently, the land transfer tax in ONTARIO is as follows:
0.5% - on the first $55,000
1.0% - on portion between $55,000 - $250,000
1.5% - on balance over $250,000
2.0% - on anything over $400,000
And the new land transfer tax in TORONTO is as follows:
0.5% - on the first $55,000
1.0% - on portion between $55,000 - $400,000
2.0% - on anything over $400,000
First time buyers are exempt on the first $400,000
This calculator is for ONTARIO only, other provinces have differing rules & rates.
This calculator is for TORONTO only, other cities don't charge this tax.
You should check with your lawyer whenever you are considering any changes to title of real estate property (including adding spouses or children).