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RE/Max Jazz Inc., Brokerage

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Direct: 905-433-2579

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LAND TRANSFER TAX

  

Land Transfer Tax Calculation -- Residential

 

On December 13, 2007, proposed amendments to the Land Transfer Tax Act were announced. It is proposed that the Land Transfer Tax Refund Program for First Time Home Buyers be expanded to include purchases of resale homes.  The maximum refund would be $2000. This proposal to include resale homes would be effective for Agreements of Purchase and sale entered into after December 13, 2007.

 

This would assist first first time buyers with a rebate of up to $2000 on purchasing resale home not only new construction which was in effect before this proposed change.

 

For more information about this program, please click here:

Land Transfer Tax Refund for First-Time Home Buyers

 

Additional information can be found on the Ministry of Finances' website at www.rev.gov.on.ca

 

To calculate the total LTT payable for residential properties, add the following together:

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

use the following table:

Purchase Price     Calculation of LTT

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

If the purchase price falls within this range, then apply formula to purchase price

(e.g. on a $175,000 home (.01 X 175,000) minus 275=LTT)

  

The following numbers are for reference only. Your individual land transfer tax calculation should be calculated and verified by your solicitor. The following chart is based on the Land Transfer Tax (LTT) levied by the Province of Ontario as at May 1996. Please note the Provincial Government does amend the LTT from time to time.

 

$55,000                   -            $275 $60,000                   -            $325
$65,000                   -            $375 $70,000                   -            $425
$75,000                   -            $475 $80,000                   -            $525
$85,000                   -            $575 $90,000                   -            $625
$95,000                   -            $675 $100,000                 -            $725
$105,000                 -            $775 $110,000                 -            $825
$115,000                 -            $875 $120,000                 -            $925
$125,000                 -            $975 $130,000                 -            $1,025
$135,000                 -            $1,075 $140,000                 -            $1,125
$145,000                 -            $1,175 $150,000                 -            $1,225
$155,000                 -            $1,275 $160,000                 -            $1,325
$165,000                 -            $1,375 $170,000                 -            $1,425
$175,000                 -            $1,475 $180,000                 -            $1,525
$185,000                 -            $1,575 $190,000                 -            $1,625
$195,000                 -            $1,675 $200,000                 -            $1,725
$205,000                 -            $1,775 $210,000                 -            $1,825
$215,000                 -            $1,875 $220,000                 -            $1,925
$225,000                 -            $1,975 $230,000                 -            $2,025
$235,000                 -            $2,075 $240,000                 -            $2,125
$245,000                 -            $2,175 $250,000                 -            $2,225
$255,000                 -            $2,300 $260,000                 -            $2,375
$265,000                 -            $2,450 $270,000                 -            $2,525
$275,000                 -            $2,600 $280,000                 -            $2,675
$285,000                 -            $2,750 $290,000                 -            $2,825
$295,000                 -            $2,900 $300,000                 -            $2,975
$305,000                 -            $3,050 $310,000                 -            $3,125
$315,000                 -            $3,200 $320,000                 -            $3,275
$325,000                 -            $3,350 $330,000                 -            $3,425
$335,000                 -            $3,500 $340,000                 -            $3,575
$345,000                 -            $3,650 $350,000                 -            $3,725
$400,000                 -            $4,475 $450,000                 -            $5,475
$500,000                 -            $6,475 $550,000                 -            $7,475
$600,000                 -            $8,475 $650,000                 -            $9,475
$700,000                 -            $10,475 $750,000                 -            $11,475
$800,000                 -            $12,475 $850,000                 -            $13,475
$900,000                 -            $14,475 $950,000                 -            $15,475
$1,000,000              -            $16,475 see calculation chart at top of page

 

 

You can also use this handy calculator to give you an idea of the amount of Land Transfer Tax you may be required to pay. 

 

Ontario Land Transfer Tax Calculator

 

 

Enter the Purchase Price in $
Do not enter the $ or commas
Then click on "Calculate"

Ontario Land Transfer Tax $
Current as of January 1, 2002

The above information is believed to be accurate but is not warranted

  This is intended as a guideline only. For additional information, verification or clarification, please contact your solicitor.

 

 

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The information contained herein is believed to be accurate, but should not be relied upon without verification.

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