ONTARIO LAND TRANSFER TAX 

 

If you're buying a home in a large Canadian centre, you'll need to add land transfer taxes to your list of closing costs.

These taxes, levied on properties that are changing hands, are the responsibility of the purchaser. In Ontario these taxes can range from 0.5% to 2% of the total value of the property.

 

Ontario  

Up to $55,000 X 0.5% of total property value
From $55,000 to $250,000 X 1.0% of total property value
From $250,000 to $400,000 X 1.5% of total property value

From $400,000 up X 2.0% of total property value


Based on the tiered system described above a $350,000 purchase will cost:

  • $275.00 on the first $55,000
  • $1,950.00 on the next $195,000
  • $1,500.00 on the next $100,000
  • The total Land Transfer Tax in Ontario is $3,725.00