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Mar 4, 2024 · Example Ontario land transfer tax calculation 2. Let’s assume that you are purchasing a house for $300,000: Ontario land transfer tax calculation: $55,000 first marginal tax bracket × 0.50% marginal tax rate = $275 land transfer tax ( $250,000 upper marginal tax bracket - $55,000 lower marginal tax bracket ) × 1.0% marginal tax rate
- Jamie David
May 18, 2022 · The total Ontario land transfer tax would be $6,475 - $2,000 = $4,475. In other words, the parent will be paying their full share of the land transfer tax, while the child’s portion of their interest in the home will be reduced by the tax refund amount. The amount the parent will pay in land transfer tax would be ($6,475/2) - $0 = $3,237.50.
Jan 1, 2017 · For a transfer of land or disposition of beneficial interest in land in which the value of the consideration equals $400,000: multiply the amount exceeding $250,000 up to $400,000 by 1.5% (150,000 × 0.015) = $2,250. Total land transfer tax payable = $4,475.
Provincial Land Transfer Tax (PLTT) Up to $55,000 X 0.5% of total property value. From $55,000 to $250,000 X 1% of total property value. From $250,000 to $400,000 X 1.5% of total property value. From $400,000 up X 2% of total property value. The City of Toronto levies an additional LTT on Toronto real estate in addition to the provincial rate.
Using the Toronto land transfer tax calculator, you can anticipate paying the total Land Transfer Taxes of $22,950 ($11,475 for each provincial and municipal land transfer tax). Here’s the breakdown of how to calculate the municipal portion: MLTT Rate. Calculation. $0.00 to $55,000.00.
Oct 22, 2024 · Ontario’s land transfer tax payable increases as the property’s value increases. Here’s the breakdown: 0.5% on the first $55,000 of the purchase price. 1% on the portion from $55,000 to $250,000. 1.5% on the portion from $250,000 to $400,000. 2% on the portion from $400,000 to $2,000,000. 2.5% on the portion above $2,000,000.
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Nov 11, 2024 · Remember, as a Toronto home buyer, you must pay both provincial Ontario land transfer tax and municipal Toronto transfer tax. 1. Ontario land transfer tax. $55,000 first marginal tax bracket. × 0.50% marginal tax rate. = $275 land transfer tax. ( $250,000 upper marginal tax bracket - $55,000 lower marginal tax bracket ) × 1.0% marginal tax rate.
