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Jan 3, 2024 · Quickly estimate how much you pay in land transfer taxes when you buy a new home in any province or territory.
- CAN-legal@nerdwallet.com
- What Is A Land Transfer Tax?
- How Is Land Transfer Tax calculated?
- Land Transfer Taxes at A Glance
- Land Transfer Taxes and Fees by Province and Territory
- Cities That Charge Additional Land Transfer Tax
- What Is A First-Time Home Buyer Rebate?
- First-Time Home Buyer Land Transfer Tax Rebates
- Other Land Transfer Tax Rebates
- Land Transfer Tax Exemptions
- Other Mortgage Calculators
Most of the time, LTT is calculated as a percentage of the home’s sale price and is due when you complete your home purchase. It’s part of your closing costs, which means you’ll need the cash on hand to pay for it at closing. You can use a land transfer tax calculator to estimate how much you’ll need to pay. Depending on your home’s value, LTT can ...
Every province and territory in Canada charges on property transfers, as either a fee or a tax. And some municipalities charge a tax called municipal land transfer tax (MLTT). Most of the time, LTT is calculated as a percentage of the value of your home, and most tax rates are marginal, which means the size of the tax increases as the home’s value ...
The following table provides an overview of the land transfer tax or fees paid in each province and territory, as well as in Toronto and Montreal, which charge a different rate than their respective provinces. The amounts listed are based on properties purchased for $711,316—the average cost of a homein Canada in May 2022. °LTT is set by each munic...
Alberta
Alberta is one of the few provinces in Canada that does not charge a LTT. Instead, it charges a transfer of land registration fee and a mortgageregistration fee. 1. The transfer of land registration fee covers the administrative cost of changing the legal title of the land. The buyer is charged $50 plus $2 for every $5,000 of the value of the property. 2. The mortgage registration fee covers the issuance of the mortgage. The buyer is charged $50 plus $1.50 for every $5,000 of the principal mo...
British Columbia
When buying property in British Columbia, the amount of the LTT is based on the value of the property. In B.C., buyers pay a marginal tax rate calculated as a percentage of the home’s value. The tax rates are: 1. 1% on the first $200,000 2. 2% on the portion from $200,001 to $2,000,000 3. 3% on the portion from $2,000,001 to $3,000,000 4. 5% on any amount over $3,000,000
Manitoba
When buying a home in Manitoba, the LTT is based on the home’s value. Buyers also pay a flat registration fee of $70 on all transactions. The marginal tax rates in Manitoba are: 1. No tax on the first $30,000 2. 0.5% on the portion from $30,001 to $90,000 3. 1.0% on the portion from $90,001 to $150,000 4. 1.5% on the portion from $150,001 to $200,000 5. 2.0% on any amount over $200,000
Toronto
While most Canadian cities do not charge homeowners municipal LTTs, Toronto is one of the exceptions to this rule. Toronto’s MLTT applies to properties purchased within Toronto only (meaning the region that stretches from Steeles Avenue to Lake Ontario and from Etobicoke to Scarborough). The tax rates are: 1. 0.5% on the first $55,000 2. 1.0% on the portion from $55,001 to $250,000 3. 1.5% on the portion from $250,001 to $400,000 4. 2.0% on the portion from $400,001 to $2,000,000 5. 2.5% on a...
Montreal
Like in the rest of Quebec, Montreal’s MLTT is based on the property’s “base amount,” which is calculated as the greater of: 1. The property’s purchase price 2. The amount on the deed of sale 3. The market value as determined by an assessment and increased by the following comparative factors: 1. 1.06 for properties sold in 2021 2. 1.00 for properties sold in 2020 3. 1.04 for properties sold 2019 Montreal differs from other municipalities in how it taxes properties. Since properties tend to h...
Anyone who buys property in Canada will either pay LTTs or a land transfer fee, depending on the location, so it’s essential to plan for this expense. That said, first-time home buyers may qualify for rebates in certain regions. The land transfer tax calculator will automatically display applicable rebates. Below you’ll find a complete list of refu...
Here are the maximum rebates you can receive in Canada: 1. Ontario: $4,000 refund 2. British Columbia: Full tax amount for homes purchased for $500,000 or less; a partial refund for homes purchased for more than $500,000 and less than $525,000 3. Prince Edward Island: Full tax amount for homes purchased for under $200,000 4. City of Toronto: $4,475...
Home buyers in B.C. may qualify for a rebate under a newly built home exemption. If eligible, a refund if calculated based on the purchase price of the property: 1. Homes purchased for $750,000 or less are eligible for a full tax refund. 2. Homes purchased for more than $750,000 and less than $800,000 are eligible for a partial tax refund.
Some provinces, like Ontario, also have exemptions to what properties qualify for LTT. Here are some standard exemptions: 1. Transfers between spouses 2. Transfers from an individual to their family business corporation 3. Transfers of farmland between family members 4. Transfers of a lease from a non-profit or charity 5. The breakdown of a marriag...
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The Canadian federal budget for the fiscal years of 2022–23 was presented to the House of Commons by Finance Minister Chrystia Freeland on 7 April 2022. [2] [3] Background. The COVID-19 pandemic had forced the Justin Trudeau government to introduce a large number of federal aid programs to deal with the economic impact of the crisis.
