Land Transfer Tax
For most buyers, land transfer tax can be overlooked when purchasing a new home. However, given the recent changes and increases in land transfer costs, land transfer can now be a significant amount of money, depending on the cost of your new home. The land transfer tax is a tax imposed when you purchase your new home. In Toronto, home buyers are required to pay both provincial and municipal land transfer tax. The good news is most first time home buyers qualify for land transfer tax rebates.

Ontario (Provincial) Land Transfer Tax Breakdown

Purchase Price Of Home: Tax Rate:
First $55,000 0.5%
$55,000 – $250,000 1.0%
$250,000 – $400,000 1.5%
$400,000 + 2.0%
   


Ontario (Provincial) Land Transfer Tax Rebate
First time home buyers older than 18 years of age are eligible to receive a maximum rebate of up to $2,000 on the purchase of their new home. You are required to apply for the refund within 18 months of purchasing your new home.


Toronto (Municipal) Land Transfer Tax Breakdown

Purchase Price Of Home: Tax Rate:
First $55,000 0.5%
$55,000 – $400,000 1.0%
$400,000 + 2.0%


Toronto (Municipal) Land Transfer Tax Rebate
First time home buyers older than 18 years of age are eligible to receive a maximum rebate of up to $3,725 on the purchase of their new home. You are required to apply for the refund within 18 months of purchasing your new home.

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