| Land Transfer Tax |
| Purchasers in most large Canadian centres can add Land Transfer Taxes to their list of closing costs. Unless you live in Alberta, Saskatchewan, or rural Nova Scotia, Land Transfer Taxes (or property purchase taxes) are a basic fact of life.
Land Transfer Taxes, levied on properties changing hands, are the responsibility of the purchaser. Depending on where you live, the taxes can range from 0.5% to 2% of the total value of the property. Many provinces have multi-tiered taxation systems and these can be complicated. If you purchase a property for $260,000 in Ontario, for example, 0.5% is charged on the first $55,000; 1% is charged on $55,000 to $250,000, and 1.5% is charged on $250,000 to $400,000. Use the LAND TRANSFER TAX CALCULATOR to estimate the land transfer tax for your new property. Quebec Transfer Tax Up to $50,000 X 0.5% of total property value From $50,000 to $250,000 X 1% of total property value From $250,000 up X 1.5% of total property value |
