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David A. Ball Law Firm

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Real Estate

LAND TRANSFER TAX

When payable

	Land transfer tax is payable on the purchase (not the sale) of all residential real estate
	First-time buyers of all homes are allowed refunds of up to $2,000 from Land Transfer Tax otherwise payable. To qualify, the first-time buyer cannot have owned a home anywhere in the world at any prior time.
	Purchasers of properties in the City of Toronto will be subject to an additional "Toronto only" land transfer tax. Please ask for details on this tax.

Amount Payable

If purchase price is between $55,000 and $250,000: Land Transfer Tax is 1% of the purchase price less $275. For example, on a house purchased for $200,000, land transfer tax would be 1% of $200,000 or $2,000 less $275 or $1,725.

If purchase prices is between $250,000 and $400,000: Land Transfer Tax is 1.5% less $1,525.

If purchase price is over $400,000: Land Transfer Tax is 2 % less $3,525.