Land Transfer Tax
Buyers in most parts of Canada can add Land Transfer Tax to the list of closing costs. This responsibility is always on the buyer.
Every person obtaining an interest in the land is liable to land transfer tax. In Ontario this includes the interest in land, buildings, estates, options, leasehold interests and fixtures.
ONTARIO LAND TRANSFER TAX
| $1,000 to $55,000 | .5% of total property value |
| $55,000 to $250,000 | 1.0% of total property value |
| $250,000 to $400,000 | 1.5% of total property value |
| Over $400,000 | 2.0% of total property value |
Examples:
| #1 Home Price $375,000 | |||
| $1,000 to $55,000 | $55,000 x .5% | = | $275.00 |
| $55,000 to $250,000 | $195,000 x 1% | = | $1,950.00 |
| $250,000 to $375,000 | $125,000 x 1.5% | = | $1,875.00 |
| Total | $4,100.00 | ||
| #2 Home Price $485,000 | |||
| $1,000 to $55,000 | $55,000 x .5% | = | $275.00 |
| $55,000 to $250,000 | $195,000 x 1% | = | $1,950.00 |
| $250,000 to $400,000 | $150,000 x 1.5% | = | $2,250.00 |
| $400,000 to $485,000 | $85,000 x 2.0% | = | $1,700.00 |
| Total | $6,175.00 | ||
