Land Transfer Tax
What is the Land Transfer Tax?
When you purchase property in Ontario, you are required to pay Land Transfer Tax on closing. The amount of Land Transfer Tax that is payable depends on the purchase price of the property. Typically, the amount is paid to your lawyer, who will remit it to the government on the closing of your deal.
In addition to the provincial Land Transfer Tax in Ontario, if the property you are purchasing is located in Toronto, you will be required to pay an additional municipal land transfer tax.
Are there any rebates available?
Yes, if you are a first time home buyer, you may be eligible for a Land Transfer Tax rebate. Currently, first time home buyers are eligible to receive up to a $4,000 rebate of the Ontario Land Transfer Tax, and up to $4,475 on the Municipal Land Transfer Tax if the property is located in Toronto.
For more information on this or anything discussed see Ontario Ministry of Finance - LTT or City of Toronto - MLTT
Use the calculator below for an estimate of the Land Transfer Tax that may be payable on your purchase: