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Calculate Land Transfer Tax in Ontario for 2021

What is the land transfer tax in Ontario?

There is nothing fun about paying the land transfer tax in Ontario in 2021. If you purchase a house, townhome, or condo, you’re likely going to have to pay some form of land transfer tax. In Toronto, you will have to pay a municipal tax on top of the provincial land transfer tax.

What is the land transfer tax in Ontario?

As of 2021, people buying a house, townhome, or condo in Ontario pay a land transfer tax when they purchase a property. Sellers never pay the land transfer tax. When the new home is transferred to your name from the seller, your real-estate lawyer will arrange for the land transfer taxes to be paid on closing day. How much is land transfer tax in Ontario as of 2021? We’ll cover that below, but if you want specific details for your property, or are looking to get your first-time homebuyer land transfer tax credit please reach out to Approved Equity for a quick response in seconds for your exact property.
Use Approved Equity to calculate your land transfer tax amount in Ontario, and get your first-time homebuyer land transfer tax credit today! We’re here to walk you through the less fun part of purchasing real estate.

How much is the land transfer tax in Ontario?

How to calculate land transfer tax in 2021? Land transfer taxes are calculated based on the purchase price of your property. Toronto and Ontario’s land transfer tax amounts are calculated based on a sliding scale using a marginal tax rate depending on the value of the property.

How much is the land transfer tax in Ontario?

Purchase Price of Home

Marginal Tax Rate

Up to $55,000

0.5%

$55,000.01 to $250,000.00

1.0%

$250,000.01 to $400,000.00

1.5%

$400,000.01 to $2,000,000.00

2.0%

Over $2,000,000

2.5%

First time home buyer land transfer tax - How to get a rebate on your land transfer tax in Ontario

  • First-time homebuyers in Ontario are eligible for a land transfer tax rebate. First-time homebuyers are eligible for a $4,000 maximum tax rebate on the land transfer tax in Ontario. Based on the rates associated with this tax, the rebate will cover the entire tax for properties up to a purchase price or value of $368,333.

    First-time buyers of properties with a purchase price higher than $368,333 will receive the entire $4,000 tax rebate and will have to pay whatever remains on the balance of the land transfer tax.

    To be considered a first-time homebuyer in Ontario, you must:

    • Be a Canadian citizen or permanent resident of Canada
    • Be aged 18 years or older
    • Live in the property within 9 months of buying it
    • Never have owned a property previously
    • Apply for the rebate within 18 months of buying the property

     

If you are married, your spouse may not have owned any real estate anywhere in the world either while being married to you. However, they may have owned property at one time before having married you. Also, if the property you buy is a new build, it needs to qualify for a home warranty.

How much are land transfer taxes in Toronto

Real estate buyers will have to pay a municipal land transfer tax on top of the provincial tax. Implemented in 2008, the municipal land transfer tax for Toronto has become increasingly relied on as part of the city’s budget. First-time homebuyers are eligible for a land transfer tax rebate of $3,725.

Get a Land Transfer Tax Rebate

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