Land Transfer Tax

Land Transfer Tax

When you acquire a property or land, you pay land transfer tax to the province when the transaction closes. Land transfer tax is normally based on the amount paid for the land, in addition to the amount remaining on any mortgage or debt assumed as part of the arrangement to buy the land.

If you buy property in the City of Toronto, you also pay the City of Toronto’s own municipal land transfer tax.

0.5% – on the first $55,000 plus
1.0% – on portion between $55,000 – $400,000 plus
2.0% – on anything over $400,000
Please note: First time buyers are exempt on the first $400,000

0.5% – on the first $55,000 plus
1.0% – on portion between $55,000 – $250,000 plus
1.5% – on balance over $250,000 plus
2.0% – on anything over $400,000
Please note: First time buyers receive a $2000 credit (if qualify)

For more information, visit www.fin.gov.on.ca/en/tax/ltt/

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