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Land Transfer Tax

Purchasers in most large Canadian centres can add Land Transfer Taxes to their list of closing costs.

Unless you live in Alberta, Saskatchewan, or rural Nova Scotia, land transfer taxes (or property purchase tax) are a basic fact of life. These taxes, levied on properties that are changing hands, are the responsibility of the purchaser. Depending on where you live, taxes can range from a half a per cent to two per cent of the total value of the property.

Many provinces have multi-tiered taxation systems that can prove complicated. If you purchase a property for $260,000 in Ontario, for example, .5 per cent is charged on the first $55,000, 1 per cent is charged on $55,000 – $250,000, while the $250,000 – $400,000 range is taxed at 1.5 per cent. Your total tax bill? $2,375.00.

If you are a first-time buyer, you are eligible for a $2,000 credit against the land transfer taxes. Your lawyer, or agent willrecommended one.

The following illustrates how Land Transfer Taxes are calculated 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

Land Transfer Tax

Land Transfer Tax is a term applicable to any purchase of property in the GTA. Simply, the Land Transfer Tax is the tax paid for the certain piece of property and must be switched to the name of the right owner. The buyer must add the Land Transfer Tax into their final closing costs and is the sole responsibility of the buyer’s side.

The List Below Provides the Land Transfer Tax for Applicable Provinces:

Ontario

  • -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

Manitoba

  • -$0-$30,000 Not Applicable
  • -From $30,000 to $90,000 X .5% of Total Property Value
  • -From $90,000 to $150,000 X 1% of Total Property Value
  • -From $150,000 up X 1.5% of Total Property Value

Quebec

  • -Up to $50,000 X .5% of Total Property Value
  • -From $50,000 to $250,000 X 1% of Total Property Value
  • -From $250,000 up X 1.5% of Total Property Value

Nova Scotia (Halifax)

  • -1.5% on Total Property Value
  • -Outside of Halifax Varies by Municipality

British Columbia

  • -Up to $200,000 X 1% of Total Property Value
  • -From $200,000 up X 2% of Total Property Value

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