Friday, 11 January 2013

Ontario Land Transfer Tax Calculation as of 2012

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

If the land falls under the definition of single-family and duplex residences, an additional tax of 0.5% applies to consideration over $400,000.

Note: First Time Home Buyers Refunded Land Transfer Tax

For Example;

If you purchased a home for $450,000

($0-$55,000) The first $55,000 would be taxed at 0.5% equalling $275
($55,000-$250,000) The next $195,000 would be taxed at 1.0% equalling $1,950
($250,000-$4000,000)The next $150,000 would be taxed at 1.5% equalling $2,250
($400,000 plus) The remaining $50,000 would be taxed at (1.5% + 0.5%) 2.0% equalling $1,000

The Land Transfer Tax would be $5,475 for a Single-Family home purchased at $450,000

- Rebate applies to eligible new homes

Please contact necessary professionals for more information

When buying or selling your home in Windsor Essex County - think WARREN RUTGERS

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