Land Transfer Tax
When you purchase a home, one of the closing costs that you are required to pay is land transfer tax. The tax is payable by the buyer, not the seller, and this fee is paid at the time the transfer is registered. Transactions subject to land transfer tax include the purchase of a residential or commercial property and the transfer of title/ownership of a property into someone else’s name (ex. transferring title from a parent to a child).
Calculating Land Transfer Tax: The amount that you are required to pay is based on the cost of the property being purchased. This applies to both homes and parcels of land. If you purchase a home in Toronto you are required to pay an additional municipal land transfer tax. These rates have remained the same since the late 1980s. Here are the rates:
Provincial Land Transfer Tax (PLTT):
- Up to $55,000 – 0.5% of total property value
- From $55,000 – $250,000 – 1% of total property value
- From $250,000 – $400,000 – 1.5% of total property value
- From $400,000+ – 2% of total property value
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Municipal Land Transfer Tax (MLTT):
- Up to $55,000 – 0.5% of total property value
- From $55,000 – $400,000 – 1% of total property value
- From $400,000+ – 2% of total property value
There are a few exemptions with land transfer tax. When the title/ownership of a property is transferred between spouses, or when the title/ownership of a property is transferred from a trustee to a beneficiary, no land transfer tax is levied.
New Home Versus Resale Property: If you are buying a home from a builder versus buying a home by way of resale, the land transfer tax is calculated differently based on HST and is therefore slightly less, even if the price of the new home and the resale home are the same.
New Homebuyers Land Transfer Tax Rebate: If you are a first time homebuyer there are rebates that you can take advantage of, to a maximum of $2000 for PLTT and $3725 for MLTT. This offers a substantial savings for new homebuyers, so make use of it.