Land Transfer Tax - What You Should Know

Toronto/Provincial - Land Transfer Tax Rebate

Land Transfer Tax Calculator

A provincial land transfer tax applies to all properties in Ontario, including Toronto.
A separate Toronto land transfer tax applies to Toronto properties only.

Toronto Land Transfer Tax:

Any transactions where the purchaser and vendor have entered into an Agreement of Purchase and Sale for the property prior to December 31, 2007, and closing after the Toronto Land Transfer Tax (TLTT) takes effect on February 1, 2008, will be REBATED the full amount of the Toronto land transfer tax, regardless of how long after February 1, 2008 that the closing date is. Transactions closing before February 1, 2008, will not be charged the Toronto Land Transfer Tax.

First time home buyers of new AND re-sale homes will receive a rebate of the Toronto land transfer tax of up to $3,725* (*equivalent to the Toronto land transfer tax payable on a $400,000 property). This means a full rebate for first-time buyers of homes valued at $400,000 or less.

Provincial Land Transfer Tax:

First time home buyers of newly constructed homes are eligible for a rebate of the provincial land transfer tax (PLTT) up to $2,000 (equivalent to the provincial land transfer tax payable on a $227,500 property).

Ways to Calculate:

Provincial Land Transfer Tax: Applies to all Ontario properties, including Toronto

0.5% on the first $55,000
plus 1.0% of the amount from $55,001 to $250,000
plus 1.5% of the amount in excess of $250,001 to $400,000
plus 2.0% of the amount in excess of $400,000

OR:
Purchase Price:
0 - 55,000 - .005 x Amount
55,001 - 250,000 - (.01 x Amount) minus 275
250,001 - 400,000 (.015 x Amount) minus 1,525
400,000 + (.02 x Amount) minus 3,525

Toronto Land Transfer Tax: Applies to Toronto properties only

0.5% on the first $55,000
plus 1.0% of the amount from $55,001 to $400,000
plus 2.0% of the amount in excess of $400,000

For additional information please contact the Ontario Ministry of Finance at 905-433-6361 (for provincial land transfer tax questions) or the City of Toronto at 416-338-0338 (for Toronto land transfer tax questions).

Transfer Tax Calculator:

Calculate Ontario and Toronto Land Transfer Tax (Residential)

Purchase Price :   no commas or decimals   Ontario Land Transfer Tax Toronto Land Transfer Tax Total Land Transfer Tax

Example of how you can save money whem buying a home in Thornhill:
So imagine you were going to buy an $800,000 house in Toronto, the Total Land Transfer Tax would be :$24,200. The same priced home in Thornhill would only be $12,475 for Land Transfer Tax, a savings of over $11,000! You only pay the Toronto Land Transfer Tax in Toronto. Save your money and move next door to York Region!