Land Transfer Taxes
How much will I owe in Land Transfer Taxes?
Ontario has a multi-tiered taxation system which can be complicated. In Ontario, all purchasers pay land transfer tax, however for first time buyers, this cost can be reduced by a maximum of $2000 on closing.
Current land transfer taxes depend on the purchase price of the home. Depending on where you live, taxes can range from .5% to 2% of the total value of the property. See this list below for land transfer tax information in Ontario.
Ontario Land Transfer Tax
- Up to $55,000 X .5 % of total property value
- From $55,000 to $250,000 X 1 % of total property value
- From $250,000 to $400,000 X 1.5 % of total property value
- From $400,000 up X 2 % of total property value