Is there a land transfer tax in Ontario?

Ontario’s land transfer tax is payable when the transfer is registered. If the transfer is not registered within 30 days of closing, you must submit a Return on the Acquisition of a Beneficial Interest in Land form to the Ministry of Finance, along with the payment of tax within 30 days after the closing date.

How do you calculate land transfer tax in Ontario?

For a transfer of land or disposition of beneficial interest in land in which the value of the consideration equals $400,000:

  1. multiply $55,000 by 0.5% (55,000 × 0.005) = $275.
  2. multiply the amount exceeding $55,000 up to $250,000 by 1.0% (195,000 × 0.01) = $1,950.

Is there land transfer tax on vacant land in Ontario?

0.5% of the value of the property up to and including $55,000. 1% of the value which exceeds $55,000 up to and including $250,000. 1.5% of the value which exceeds $250,000 up to and including $400,000.

What is the land transfer tax in Ontario?

ONTARIO AND TORONTO’S LAND TRANSFER TAX RATES

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Purchase Price of Home Marginal Tax Rate
$55,000.00 to $250,000.00 1.0%
$250,000.01 to $4000,000.00 1.5%
$400,000.01 to $2,000,000.00 2.0%
Over $2,000,000 2.5%

Who is exempt from land transfer tax in Ontario?

Land transfer tax exemptions can include any of the following: Land transfers between spouses. Land transfers from a person to the family business. Land transfers of farming property between family members.

How much is land transfer tax in Oakville?

0.5% of the amount of the purchase price up to and including $55,000, plus. 1% of the amount of the purchase price between $55,000 and $250,000, plus. 1.5% of the amount of the purchase price between $250,000 and $400,000, plus.

How do I claim land transfer tax back?

For paper registrations, qualifying taxpayers or their solicitors may claim an immediate refund at the time of registration by filing the Ontario Land Transfer Tax Refund Affidavit For First‑Time Purchasers of Eligible Homes along with their Transfer/Deed and Land Transfer Tax Affidavit at a Land Registry Office.

How much are closing costs in Ontario as a seller?

A guideline on Average Closing Costs in Ontario ranges between 1.5% to 4% of the Purchase Price, for instance, the closing cost for a property purchase price at $500,000/- would vary between $7,500/- to $20,000/-.

What is the land transfer tax in Mississauga?

Calculating The Land Transfer Tax

0.5% up to and including $55,000. 1.0% above $55,000 and up to $250,000. 1.5% above $250,000 and up to $400,000. 2.0% above $400,000.

How much is land transfer tax in Etobicoke?

Toronto land transfer tax rates

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Purchase price of home Land title transfer fee
Up to and including $55,000 0.5%
$55,000.01 to $250,000.00 1.0%
$250,000.01 up to and including $400,000.00 1.5%
$400,000.01 up to and including $2,000,000.00 2.0%

How much tax do you pay when you sell a house in Ontario?

0.5% of the value of the property up to and including $55,000. 1% of the value which exceeds $55,000 up to and including $250,000. 1.5% of the value which exceeds $250,000 up to and including $400,000. 2% of the value between $400,000 and $2,000,000.

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