Land Transfer Tax Calculator

Land transfer tax, sometimes called a property transfer tax, is a tax on the purchase of property. The amount of the land transfer tax varies widely based on your province and sometimes even the city where the property is located, as well as the value of the property. If you’re a first-time buyer, you may not have to pay a land transfer tax or you may be eligible for a reduced land transfer tax, depending on where you’re buying your home. Sometimes the taxes are tiered, which means that you’ll pay a certain percentage up to a particular purchase price, and then a greater percentage on a particular amount on top of that, for example: 1 per cent on property that is valued to $300,000, 1.5 per cent on anything valued between $300,000 and $500,000, and then 2 per cent on anything valued at more than $500,000. Our land transfer tax calculator will determine the amount you’ll have to pay once you enter the property location, city, and selling price.

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I live in Toronto
I am a first-time home buyer

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.

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Tuesday Sep 17, 2019
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