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
