Buying or Selling a home in Ontario? This website is a quick reference and land transfer tax calculator for real estate consumers.
Certain things in Canada are non-taxable. Basic groceries, prescription drugs, freight transportation services, and even gambling winnings (according to CasinoValley) are not taxed at all. However, the government doesn’t mind profiting from home buyers. You must pay a land transfer tax when you buy a home. It can be quite a hefty sum of money, depending on the price of the property. We advise you to plan ahead and calculate this tax at the time of planning your budget for buying a home. That way, it won’t become an unpleasant surprise charge that you can’t afford.
If you purchase land or an interest in land in Ontario you are required to pay the Provincial Land Transfer Tax (PLTT). If you have purchased this land or an interest in land located in Toronto, you are required to pay the Municipal Land Transfer Tax (MLTT) in addition to the PLTT.
Ontario Land Transfer Tax
Provincial Land Transfer Tax (PLTT)
Up to $55,000 X 0.5% 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
The City of Toronto levies an additional LTT on Toronto real estate in addition to the provincial rate.
Toronto Land Transfer Tax
Municipal Land Transfer Tax (MLTT)
Up to and including $55,000.00 X 0.5% of total property value
From $55,000.01 to $400,000.00 X 1% of total property value
Over $400,000.00 X 2% of total property value
Land Transfer Tax Rebates: First Time Home Buyers
If you are a first time home buyer you are eligable for rebates for both the Municipal and Provincial Land Transfer Tax
- Municipal Land Transfer Tax (MLTT): Maximum $3725
- Provincial Land Transfer Tax (PLTT): Maximum $2000
Must Read: More Information on Land Transfer Taxes in Ontario and Toronto
We encourage our users to educate themselves on this topic and its intricacies. We recommend that users speak to a government representative, a licensed Realtor and a real estate lawyer.
DISCLAIMER: LandTransferTaxCalculator.ca accepts no responsibility for any loss arising from any use or reliance on the information contained or produced through calculative function herein.