To calculate the Land Transfer Tax when buying a house, you will be required to use the following charts. Land Transfer Tax is based on the total amount of the home you are purchasing. The full amount must be broken down into parts. The first $55,000. is charged 0.5%, then the amount from 55,000.01 to $250,000. is charged 1.0%, then the amount from $250,000.01 to $400,000 is charged 1.5% and finally any amounts over $400,000 are charged 2.0%. These broken down parts are then added together to make up the total dollar amount of tax due.
E x p l a n a t i o n (PLTT) Provincial Land Transfer Tax - Ontario Calculations are based on the full property value in Ontario
amounts up to and including $55,000 ($0.01 to $55,000.00)
$ x 0.005 = PLTT
amounts exceeding $55,000 up to and including $250,000 ($55,000.01 to $250,000)
$ x 0.01 = PLTT
amounts exceeding $250,000 ($250,000.01 +)
$ x 0.015 = PLTT
amounts exceeding $400,000 where the land contains one or two single family residences ($400,000.01 +)
$ x 0.02 = PLTT
Toronto (Municipal) Land Transfer Tax Property purchased in the City of Toronto is subject to both the Provincial and the Municipal Land Transfer Taxes.
E x p l a n a t i o n (MLTT) Municipal Land Transfer Tax - TORONTO Calculations are based on the full property value in Ontario
The MLTT only applies to the Municipality of Toronto & is paid in addition to the Provincial LTT
amounts up to and including $55,000
$ x 0.005= MLTT
amounts from $55,000.01 to $400,000
$ x 0.01= MLTT
amounts over $400,000
$ x 0.02= MLTT
Land Transfer Tax Rebate For Eligible 1st Time Buyers
*up to a maximum rebate amounts of $2,000 and or $3,725*
E x p l a n a t i o n (PLTT) & (MLTT)
"First Time Buyer" *Rebate/Credit amount for Provincial and Municipal Land Transfer Tax in Ontario*
Property that is Located in Ontario: If you are purchasing a property in Ontario and satisfy the provincial Goverment criteria you will receive a credit up to $2,000.00 off your Ontario Land Transfer Tax
Property Located in Toronto: If you are purchasing a property in Ontario within Toronto city limits and satisfy the Municipal Government criteria you will receive a credit up to $3,725.00 off your Toronto Land Transfer Tax. As well as stated above, up to $2,000 credit off your Ontario Land Transfer Tax.
For your printable "Quick Look"
Provincial Land Transfer Tax Calculation Chart
* Tax Rebate is only available to buyers' who pass the Provincial and Municipal requirements of the 1st Time Buyers or Seniors Rebate Programs.
** the Scottage Group Scott accepts no responsibility for the accuracy of the calculations for the Land Transfer Tax and/or Credits available. This information was taken from the Government of Ontario.