Sutton Group Realty Systems Inc. Brokerage . 416-896-3333 . 905-896-3333

Cost of Land Transfer Tax CalculatorInformation on Land Transfer Tax
Easy Calculators

  Ontario Land Transfer Tax Calculator 

Toronto Residents click below to view and compare both   

Land Transfer Tax Calculator  Toronto Land Transfer Tax Calculator

 

NEW - Try it out
>  Easy First Time Buyer Land Transfer Tax Calculator <
To make it super easy - we've added a "no nonsense" calculator
that will ask you if you are a first time buyer and adjusts the figures automatically.
click here

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Do you have a question about HST?

HST and real estate.  Frequently Asked Questions and Answers about HST.

Is HST applicable to Residential Rents, do I pay HST when buying a new or resale home?
 

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Contact your Realtor for assistance in preparing a New Buyers Closing Cost
Prep Sheet.  If you don't have a salesperson 
contact us for assistance

> Toronto Land Transfer Breaks for First Time Buyers <
Includes Forms to obtain Rebates
click here

> Ontario Land Transfer Breaks for First Time Buyers <
First time purchasers may be entitled to a refund of Ontario’s land transfer tax, up to a maximum of $2,000. This refund is usually claimed at the time of registration. If not, the refund may be claimed directly from the Ministry of Revenue.
Click here for info and forms




While we are talking about Taxes associated with buying a home,
read our Blog about the
how the New HST will affect home buyers.
click here


If you are a First Time Buyer ensure you review every possible Government Program that will assist you in saving money.   You have one chance at being a First Time Buyer so take advantage.
A Sutton Realty Systems realtor will be happy to review the latest programs
or contact our Branch Manager at 905-896-3333 or 416-896-3333

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Impact of the Toronto Land Transfer Tax - What it's Costing Buyers and the Economy
Read our Blog on the actual Impact the Land Transfer Tax
has had on the Toronto Economy.
Can the City continue charging this tax?

Saving for your New Home?
Don't forget to take advantage of the RSP Program and the New
$5,000 Savings Account - Earn extra interest Tax Free.
For more tips on how to save for your home email or call us at 416-896-3333
Ask for our Branch Manager for a quick over the phone consultation to get started. 

Details of Toronto Land Transfer Tax

Toronto City Council approved a municipal land transfer tax that will be levied on top of the provincial land transfer tax.   As a direct result of this strong position, City Council was forced to make a number of amendments to the City’s original proposal, including rebates for first-time buyers, a reduced rate, and grandfathering for existing transactions.

The Municipal Land Transfer Tax (MLTT) will be charged on properties purchased in Toronto and on disposition of all beneficial interests with closing dates starting February 1, 2008.

What was approved by City Council?

A second land transfer tax, on top of the provincial land transfer tax, at the following rates:

Residential:

  • 0.5% of the amount of the purchase price up to and including $55,000
  • 1% of the amount of the purchase price between $55,000 and $400,000
  • 2% of the amount of the purchase price above $400,000

Commercial / Industrial / Etc.:

  • 0.5% of the amount of the purchase price up to and including $55,000
  • 1% of the amount of the purchase price between $55,000 and $400,000
  • 1.5% of the amount between $400,000 and $40 million
  • 1% of the amount above $40 million

    Residents outside of the Toronto area these figures are not applicable to you, see the Provincial Land Transfer Tax, click our calculator above to arrive at that single figure.

When does this take effect?

February 1, 2008.

Are existing transactions grandfathered?

Yes. Any transactions where the purchaser and vendor have entered into an Agreement of Purchase and Sale for the property prior to December 31, 2007 will be rebated the full amount of the Toronto land transfer tax, regardless of the closing date. (Note: Media reports that closings must occur by Feb. 1, 2008 are inaccurate.) So if you purchased a new condo/home in 2007 with a 2008 / 09 closing date you shouldn't be affected.  Confirm with their lawyer upfront, with new construction not everyone reads the fine print.  Other closing costs may arise such as interim occupancy, park tax, adjustments can add up, review the closing costs with your lawyer to ensure you have budgeted accordingly and don't have any surprises. 

Are first time home buyers affected?

First time home buyers of new AND re-sale homes will receive a rebate of the Toronto land transfer tax of up to $3,725 (this equals a 100% rebate on homes purchased for up to $400,000). 

If you have questions, contact the City of Toronto at Access Toronto at 416-338-0338. Some information from the City is available here.

 

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