How much land transfer tax will I need to pay?Regretfully buyers who purchase property in the province of Ontario will have to pay land transfer tax. If the property you purchase is located in Toronto. You will be hit with the proverbial double whammy! Due to the fact the City of Toronto assess their own land transfer tax, which will be added on to the Provincial land transfer tax. Thats right - Double taxation!
Use our calculator to determine how much LTT you will owe...
Select if you are a first time homebuyer
Select if you are purchasing a home located in Toronto
Is your total land transfer tax expense*
Are you buying your first home? Rebates might be available...If you purchase a home in Ontario and satisfy the rebate program criteria, You can save up to $4,000.00 on your Ontario land transfer tax.
If you purchase a home in Toronto and satisfy the rebate program criteria, You can save up to $4,475.00 on the Toronto land transfer tax, and $4,000.00 on the Ontario land transfer tax.
What is the criteria to qualify?
- You must be at least 18 years of age;
- You must occupy the home as your principal residence within 9 months of the date of transfer; and
- You cannot have ever owned a home, or an interest in a home anywhere in the world; and
- Your spouse cannot have owned a home, or an interest in a home, anywhere in the world while being your spouse.
Note: If there will be more than one person purchasing the home and going on title, and the other purchaser qualifies as a first time buyer. Then they will be eligble to claim up to half ($2,000) of the Ontario land transfer tax rebate, and up to half ($2,237.50) of the Toronto land transfer tax rebate.
How do I receive the rebate(s)?To receive the rebate(s). Your real estate lawyer will deduct the rebate amount(s) from the amount of LTT owing when completing the tax statements in the land registration system upon closing.
To view complete details on Ontario's land transfer tax and rebate eligibility requirements. Please visit the Ontario Ministry of Finance website.
Are there any other perks available for first time home buyers?Yes there is. If neither you or your co-purchaser have lived in a home that either one of you owned in the year you're purchasing your new home, or in any of the four preceeding calendar years. You will qualify for the Federal first-time home buyers tax credit (HBTC) which can be claimed on your federal tax return. The tax credit averages out to approximately $750.00. You can view the complete details on the Canada revenue agency HBTC webpage.
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