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Ontario Land Transfer Tax Calculator
   

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Ontario Land Transfer Tax $

  
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 Detailed calculations for the Provincial Land Transfer Tax as follows:
0.5% on amounts up to and including $55,000;
+1.0% on the amount exceeding $55,000 up to and including $250,000;
+1.5% on amounts above $250,000 up to and including $400,000;
+2.0% of the amount in excess of $400,000.
 
Toronto Land Transfer Tax Implementation- effective February 1, 2008

On October 22, 2007, Toronto City Council has approved a municipal land transfer tax that will be levied on top of the provincial land transfer tax. This additional tax applies to properties in the City of Toronto, and not other municipalities of the Greater Toronto Area such as Richmond Hill, Markham etc.
For all purchasers:
  • one-half of one percent of the value of the consideration on sales up to and including $55,000;

  • one per cent of the value of the consideration on sales exceeding $55,000 up to and including $400,000;

  • two per cent of the value of the consideration of land containing one and/or two single family residences exceeding $400,000;

  • one and a half per cent of the value of the consideration on commercial properties including multi-residential units exceeding $400,000 up to $40 million;

  • one per cent of the value of the consideration which exceeds $40 million.
Purchasers with a Purchase and Sale agreement on or before December 31, 2007 will receive a full rebate of the Toronto Land Transfer tax regardless of the closing date.

Purchasers with a Purchase and Sale agreement signed after December 31, 2007 with a closing before February 1, 2008 will not be required to pay the Toronto Land Transfer tax.

Purchasers with a Purchase and Sale agreement signed after December 31, 2007 with a closing on or after February 1, 2008 will be required to pay the full Toronto Land Transfer tax.

For first time purchasers:
A rebate of up to $3,725 will apply to first-time purchasers of both new and existing homes. This means a full rebate for first-time buyers of homes valued at $400,000 or less. For example, a first-time purchaser of a home valued at $600,000 would pay land transfer tax according to the scale shown above, and receive a rebate of $3,725. A first time home buyer of a home valued at $300,000 would get a full rebate on the land transfer tax.

For further information please refer to the staff report.

This Calculator will show both sets of taxes, and buyers can use this to calculate the total amount to be paid for all transactions within the City of Toronto.
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