About the Land Transfer Tax Calculator
The purchase or sale of a real estate property often invokes many costs for those
involved in the transaction process. One such expense is the land transfer tax,
which is a tax on the purchase or sale of a property. This tax is applied by your
provincial government, and is based on the selling price of the asset.
The rules and regulations for land transfer tax range from one province to the next.
In Toronto, you will also have to pay a municipal equivalent of this tax, which
is appended to the provincially-determined amount. In addition, first-time buyers
in Ontario, British Columbia, Prince Edward Island, and Toronto may be entitled
to receive a rebate.
No matter where you are located, the Land Transfer Tax Calculator will help you
to determine how much tax you will be required to pay with your transaction. By
selecting your city and province from the drop-down lists and entering your selling
price, you will find out just how much the land transfer tax for your location is.
Your mortgage agent, in addition to your accountant, can provide you with additional
information about the land transfer tax in your area once you’ve used the calculator
to determine with the tax amount will be. They can offer you helpful tips about
payments, time frames, and other information related to real estate transactions.