Ontario Land Transfer Tax
An Expense Buyers Need To Remember On Top Of The Purchase Price
Having discussed legal fees for home buyers and sellers, the Land Transfer tax that Buyers are charged also needs to be highlighted.
Fortunately in our area Buyers do not get charged twice as Buyers do in Toronto.
The tax is not a straight forward percentage but is based on bands depending on Purchase price:
0.5% up to and including $55,000
1% above $55,000 up to and including $250,000
1.5% above $250,000
2% above $400,000 where the land contains one or two single family residences.
The land transfer tax rate is the same for residents and non-residents of Canada.
First time buyers are eligible for a refund of all or part of the land transfer tax.
Full details can be found at the Ontario Ministry of Finance web page.
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