Easily calculate your Ontario Land Transfer Tax & Toronto Land Transfer Tax & apply any first time homebuyer rebates you qualify for. The following chart illustrates Land Transfer Taxes by province: 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. For first time home buyers, there is a maximum $4,000 tax rebate on the Ontario land transfer tax. Land Transfer Tax Rates are effective January 2013 – for a Residential Property Purchase in Ontario, Note to users: While we endeavour to ensure the accuracy of the calculations, it is not guaranteed. Introduced to Ontario in 1974, the Conservative ontario government presented the provincial Land Transfer Tax to property buyers with a starting percentage of 0.3% for up to $35,000 of the purchase price of property and 0.6% for the rest. The value of this tax is generally calculated on a percentage of the residential property's sale price, and the precise formula for the calculation of the amount of tax payable varies considerably from region to region, and sometimes just from one neighbourhood to the next. 505 Highway 7 East, Unit 201, Thornhill, Ontario L3T 7T1 [email protected] Office: 905-889-2200 Fax: 905-889-3322 $2,375.00. They will pay $1,475 for the Ontario Land Transfer Tax. Land transfer tax refund in Ontario. For first-time homebuyers, there is a maximum $4,000 tax refund on the Ontario land transfer tax. Based on Ontario’s land transfer tax rates, this refund will cover the full tax for homes up to $368,000. For first time home buyers, there is a maximum $4,000 tax rebate on the Ontario land transfer tax and $4,475 tax rebate on the Toronto municipal land transfer tax. Ontario land transfer tax rebate 3. Your total tax bill? In Toronto there is an additional municipal version of this tax which can virtually double even that amount, so Torontonians would pay over $20,000 just in land transfer taxes on that same home (which is not that luxurious as there are many Toronto homes in that price range or well above). Based on Ontario’s land transfer tax rates, this refund will cover the full tax for homes up to $368,333. Mississauga real estate, Mississauga Ontario real estate, buying a home in Mississauga Ontario, selling a home in Mississauga, Ontario, Mississauga homes, Mississauga homes for sale, Mississauga real estate listings, Mississauga real estate agent, homes for sale in Mississauga, Mississauga, Maria Tompson History of the Ontario Land Transfer Tax. HomeLife/Bayview, Brokerage Independently owned and operated. Land Transfer Tax Calculator. 505 Highway 7 East, Unit 201, Thornhill, Ontario L3T 7T1 [email protected] Office: 905-889-2200 Fax: 905-889-3322 Cell: 416-315-7728, Brokerage Independently owned and operated. For purchases in the City of Toronto, the Municipal Land Transfer Tax is subject to an admin fee of $75 plus HST. Total Land Transfer Taxes … The total land transfer tax amount in this example will be $5,475; If the home purchaser is a first time home buyer, they will receive an instant rebate of $4,000 (the maximum Ontario land transfer tax rebate amount).
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