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Jan 1, 2017 · Land transfer tax is calculated on the value of the consideration as defined in subsection 1 (1) of the Act. It includes the purchase price, liabilities assumed, benefits conferred, soft costs and the cost of upgrades. In some instances, the value of the consideration is deemed to be the fair market value of the land.
Mar 4, 2024 · Use our calculator to identify Ontario land transfer tax rebates for your future home or condo and view up-to-date tax rates in Ontario.
- Jamie David
- In Ontario, if you acquire a piece of land (including a house or condo) or a beneficial interest in a piece of land, you are required to pay land t...
- There are a few exemptions in which case you would not have to pay land transfer taxes. These exemptions include (but are not limited to) the follo...
- There is a land transfer tax rebate in Ontario of up to $4,000 that is available to first-time home buyers. Eligible buyers will have their entire...
May 18, 2022 · While land transfer tax makes up most of the closing costs for buyers, other closing costs include legal fees, registration fees, and home inspection fees. To calculate how much land transfer tax you will need to pay, use the Ontario land transfer tax calculator at the top of this page.
Use this Land Transfer Tax Calculator and learn more about Provincial Land Transfer Tax (PLTT) and Municipal Land Transfer Tax (MLTT) in Ontario and Toronto.
Land transfer tax is normally based on the amount paid for the land, in addition to the amount remaining on any mortgage or debt assumed as part of the arrangement to buy the land. In some cases, land transfer tax is based on the fair market value of the land, such as in the following examples:
The land transfer tax would be calculated on the value of the consideration declared. If the transferee is acquiring a 33% interest in land subject to a mortgage, what is the amount of the value of the consideration?
People also ask
How much is land transfer tax in Ontario?
How is land transfer tax calculated?
Do you pay land transfer tax on closing in Ontario?
How is property tax collected in Ontario?
What is the Ontario land transfer tax rebate?
How does land transfer tax work?
To calculate the total Ontario Land Transfer Tax for the purchase of Residential properties in Ontario, add the following together: 0.5% on the first $55,000 of the purchase price. 1.0% of the amount from $55,000 to $250,000. 1.5% of the amount in excess of $250,001 to $400,000. 2.0% of the amount in excess of $400,000 to $2,000,000.
