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Purchasers in most large Canadian centres 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 a basic fact of life. These taxes, levied on properties that are changing hands, are the responsibility of the purchaser. Depending on where you live, taxes can range from a half a per cent to two per cent of the total value of the property.
Many provinces have multi-tiered taxation systems that can prove complicated. If you purchase a property for $260,000 in Ontario, for example, .5 per cent is charged on the first $55,000, 1 per cent is charged on $55,000 - $250,000, while the $250,000 - $400,000 range is taxed at 1.5 per cent. Your total tax bill? $2,375.00.
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The following chart illustrates Land Transfer Taxes by province.
| ONTARIO |
Land Transfer Tax ( go to calculator )
Up to $55,000 X .5 % of total property value
From $55,000 to $250,000 X 1 % of total property value
From $250,000 to $400,000 X 1.5 % of total property value
From $400,000 up X 2 % of total property value |
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For more information regarding Land Transfer Tax (Ontario / Toronto) and Land Transfer Tax Exemptions please fill out the form below and I'll be sure to send you all the information you required on this subject.
To help potential home buyers have an approximate idea how much land transfer tax will cost them on closing, I have included a land transfer tax calculator.
Feel free to use the calculator - if you require additional information please fill out the form below and I'll be happy to help you in any way I can.
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