How much is Land Transfer tax?
Land Transfer tax is calculated as a percentage of the purchase price. At present the tax is .5% on the first $55,000.00, 1% from $55,000.00 to $250,000.00, 1.5% from $250,000.00 to $400,000.00 and 2% above $400,000.00 ie tax on $200,000.00 is $1,725.00. The City of Toronto has been given taxing powers and as such the Land Transfer Tax for properties in the City of Toronto is doubled.
First time buyers of new houses are entitled to a rebate of Land Transfer Tax of up to $2,000.00. This means no tax is payable on houses of $227,500.00.