Land Transfer Tax
The following chart reflects the implementation of the municipal land transfer tax. Both Ontario & Toronto taxes are payable by the Buyer through their lawyer upon closing of the transaction.
First time Buyers do not pay the city of Toronto tax on the first $400,000 of a property purchase.
|
Purchase Price |
Provincial (L.T.T.) |
City of Toronto (L.T.T.) |
Total |
|
$55,000 |
$275 |
$275 |
$550 |
|
$75,000 |
$475 |
$475 |
$950 |
|
$100,000 |
$725 |
$725 |
$1,450 |
|
$125,000 |
$975 |
$975 |
$1,950 |
|
$150,000 |
$1,225 |
$1,225 |
$2,450 |
|
$175,000 |
$1,475 |
$1,475 |
$2,950 |
|
$200,000 |
$1,725 |
$1,725 |
$3,450 |
|
$225,000 |
$1,975 |
$1,975 |
$3,950 |
|
$250,000 |
$2,225 |
$2,225 |
$4,450 |
|
$275,000 |
$2,600 |
$2,475 |
$5,075 |
|
$300,000 |
$2,975 |
$2,725 |
$5,700 |
|
$325,000 |
$3,350 |
$2,975 |
$6,325 |
|
$350,000 |
$3,725 |
$3,225 |
$6,950 |
|
$375,000 |
$4,100 |
$3,475 |
$7,575 |
|
$400,000 |
$4,475 |
$3,725 |
$8,200 |
|
$425,000 |
$4,975 |
$4,225 |
$9,200 |
|
$450,000 |
$5,475 |
$4,725 |
$10,200 |
|
$475,000 |
$5,975 |
$5,225 |
$11,200 |
|
$500,000 |
$6,475 |
$5,725 |
$12,200 |
|
$550,000 |
$7,457 |
$6,725 |
$14,200 |
|
$600,000 |
$8,475 |
$7,725 |
$16,200 |
|
$650,000 |
$9,475 |
$8,725 |
$18,200 |
|
$700,000 |
$10,475 |
$9,725 |
$20,200 |
|
$750,000 |
$11,475 |
$10,725 |
$22,200 |
|
$800,000 |
$12,475 |
$11,725 |
$24,200 |
|
$850,000 |
$13,475 |
$12,725 |
$26,200 |
|
$900,000 |
$14,475 |
$13,725 |
$28,200 |
|
$950,000 |
$15,475 |
$14,725 |
$30,200 |
|
$1,000,000 |
$16,475 |
$15,725 |
$32,200 |
|
$1,100,000 |
$18,475 |
$17,725 |
$36,200 |
|
$1,200,000 |
$20,475 |
$19,725 |
$40,200 |
|
$1,300,000 |
$22,475 |
$21,725 |
$44,200 |
|
$1,400,000 |
$24,475 |
$23,725 |
$48,200 |
|
$1,500,000 |
$26,475 |
$25,725 |
$52,200 |
|
$1,750,000 |
$31,475 |
$30,725 |
$62,200 |
|
$2,000,000 |
$36,475 |
$35,725 |
$72,200 |
|
$2,500,000 |
$46,475 |
$45,725 |
$92,200 |
|
$3,000,000 |
$56,475 |
$55,725 |
$112,200 |
The formula for calculating Ontario Land Transfer Tax is:
0.5% on the first $55,000
Plus 1% of the amount from $55,001 to $250,000
Plus 1.5% of the amount in excess of $250,001 to $400,000
Plus 2% of the amount in excess of $400,000
The formula for calculating Toronto Land Transfer is:
0.5% on the first $55,000
Plus 1% of the amount from $55,001 to $400,000
Plus 2% of the amount in excess of $400,000
Jill Stewart, Broker at Royal LePage Real Estate Service Ltd., Brokerage
Direct line: (416) 231-3000 Email:
August 22nd, 2008 at 12:12 pm
[…] Land transfer tax For the Buyers section of our website we have prepared a chart to help you calculate Ontario & Toronto land transfer taxes. These are payable by the buyer of a property through their lawyer upon closing of the transaction. As you may know, first time buyers do not pay the city of Toronto tax on the first $400,000 of a property purchase. We’ll also give you the right formula for calculating land transfer tax. […]