Land Trasfer Tax Calculation
In Ontario, there is a Land transfer tax that each purchaser must pay when buying a property. The tax gets applied to the purchase price only. There is also a second land transfer tax that also gets applied if you are purchasing a property in the city of Toronto.  There are some exemptions and credits that apply to first time home buyers but the breakdown of both taxes is indicated below.
 

Land transfer tax calculator

 

Ontario Land Transfer Tax Explained

  • 0.5% - on the first $55,000
  • 1.0% - on portion between $55,000 - $250,000
  • 1.5% - on balance over $250,000
  • 2.0% - on anything over $400,000
  • Qualifying first time buyers receive up to a $2000 credit

Toronto Land Transfer Tax Explained

  • 0.5% - on the first $55,000
  • 1.0% - on portion between $55,000 - $400,000
  • 2.0% - on anything over $400,000
  • First time buyers are exempt on the first $400,000