Jen Bolton
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In general, if you buy land or an interest in land in Ontario, you must pay Ontario's land transfer tax, whether or not the transfer is registered at one of Ontario's land registry office.

Land transfer tax is normally based on the amount paid for the land, in addition to the amount remaining on any mortgage or debt assumed as part of the arrangement to buy the land.

Ontario has a multi-tiered taxation system.  The following illustrates Ontario Land Transfer Taxes.

  • 0.5% of the value of consideration for the transfer up to and including $55,000,
  • 1% of the value of the consideration which exceeds $55,000 up to and including $250,000,
  • 1.5% of the value of the consideration which exceeds $250,000, and
  • 2% of the amount by which the value of the consideration exceeds $400,000 for land that contains at least one and not more than two single family residences.
  • This can sometimes be difficult to understand.  Here is an example.  If you buy a property in Ontario for $260,000, 0.5 per cent is charged on the first $55,000, 1 per cent is charged on $55,001 - $250,000, while the $251,001 - $400,000 range is taxed at 1.5 per cent.  Your total tax bill? $2,375.

    In addition to Ontario's land transfer tax, transfers of land located in the City of Toronto may also be subject to the City of Toronto's own municipal land transfer tax.  

     

    First Time Home Buyers Rebate:

     If you are a first-time homebuyer, you may be eligible for a refund of all or part of the tax.   Applications for a refund must be made within 18 months after the date of the transfer

    The maximum amount of the refund is $2,000.  If the refund is claimed at time of registration, it may offset the land transfer tax ordinarily payable.  If not claimed at registration, the refund may be claimed directly from the Ministry of Revenue.  No interest is paid on this refund.

     

    For more information on Land Transfer Tax, please visit the Ontario government's website.

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