Calculating The Land Transfer Tax
Ontario's land transfer tax is charged as a percentage of the price paid for a property as follows:
|Purchase Price of Home||Marginal Tax Rate|
|Up to and including $55,000||0.5%|
|Above $55,000 and up to $250,000||1.0%|
|Above $250,000 and up to $400,000||1.5%|
|Above $2,000,000 where the land includes 1 or 2 single family homes||2.5%|
If you are purchasing property in the city of Toronto, you will be required to pay a municipal property tax in addition to the provincial one.