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Land Transfer Tax

Ontario and Toronto Land Transfer Tax

When you buy a house, condo, or land in Ontario, you are subject to land transfer tax on closing. This is provincial tax payable by the purchaser based on the purchase price. Home buyer in city of Toronto pay additional taxes as mentioned below with the exception of first time home buyers.

Land Transfer Tax in Ontario Except City of Toronto

0.5% – on the first $55,000
1.0% – on portion between $55,000 – $250,000
1.5% – on balance over $250,000
2.0% – on anything over $400,000
Qualifying first time buyers receive up to a $2000 credit

Land Transfer Tax in City of Toronto

0.5% – on the first $55,000
1.0% – on portion between $55,000 – $400,000
2.0% – on anything over $400,000
First time buyers are exempt on the first $400,000

Use our ‘Ontario Land Transfer Tax calculator’ to find out how much it’s going to cost you in land transfer on closing.

Disclaimer: This calculator and all other on ProFunding.ca provide approximate numbers in result and is for demonstration purposes only. ProFunding Financial Services does not guarantee the accuracy of the calculations, hence, strongly recommends to always consult a professional financial expert before making any financial decision.

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