Ohannes  Kerkezian

Ohannes Kerkezian

Sales Representative

HomeLife Best-Seller Realty Inc., Brokerage*

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Land Transfer Tax Details

Land Transfer Tax

Purchasers in most large Canadian cities 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 part of the deal. These taxes, levied on properties that are changing hands, are the responsibility of the purchaser. Depending on where you live, taxes can range from half of a percent to two percent of the total purchase price.

Many provinces have multi-tiered taxation systems that can be complicated. For example, if you purchase a property for $300,000 in Ontario, 0.5% is charged on the first $55,000, 1% is charged on $55,000 - $250,000, while the $250,000 - $400,000 range is taxed at 1.5%. Your total tax bill? $2,975.00.

The following chart illustrates Land Transfer Taxes by province.

TORONTO                                                                                                                                                  
Purchase price of home Land title transfer fee First-time homebuyer rebate
Up to and including $55,000 0.5% Full tax rebate
$55,000.01 to $250,000.00 1.0% Full tax rebate
$250,000.01 up to and including $400,000.00 1.5% Full tax rebate
$400,000.01 up to and including $2,000,000.00 2.0% $4,475 maximum tax rebate
Over $2,000,000 2.5% $4,475 maximum tax rebate
ONTARIO
Land Transfer Tax (go to calculator)

Purchase price of home Land title transfer fee First-time homebuyer rebate
Up to and including $55,000 0.5% Full tax rebate
$55,000.01 to $250,000.00 1.0% Full tax rebate
$250,000.01 to $368,333 1.5% Full tax rebate
$368,334 to $400,000.00 1.5% $4,000 tax rebate
BRITISH COLUMBIA
Property Purchase Tax
Up to $200,000 X 1% of total purchase price
From $200,000 up X 2% of total purchase price
MANITOBA
Land Transfer Tax
Up to $30,000 N/A
From $30,000 to $90,000 X 0.5% of total purchase price
From $90,000 to $150,000 X 1% of total purchase price
From $150,000 up X 1.5% of total purchase price
QUEBEC
Transfer Tax
Up to $50,000 X 0.5% of total purchase price
From $50,000 to $250,000 X 1% of total purchase price
From $250,000 up X 1.5% of total purchase price
Halifax Metro
1.5% on total purchase price
Outside HalifaxCounty
Check with local municipality.

 

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