Amy  Sira

Amy Sira

Broker

RE/MAX Realty Specialists Inc., Brokerage *

Mobile:
416-910-3161
Office:
905-456-3232
Email Me
Amy  Sira

Amy Sira

Broker

RE/MAX Realty Specialists Inc., Brokerage *

Mobile:
416-910-3161
Office:
905-456-3232
Email Me

Land Transfer Tax Details

Land Transfer Tax

Purchasers in most large Canadian cities 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 tax) are part of the deal. These taxes, levied on properties that are changing hands, are the responsibility of the purchaser. Depending on where you live, taxes can range from half of a percent to two percent of the total purchase price.

Many provinces have multi-tiered taxation systems that can be complicated. For example, if you purchase a property for $300,000 in Ontario, 0.5% is charged on the first $55,000, 1% is charged on $55,000 - $250,000, while the $250,000 - $400,000 range is taxed at 1.5%. Your total tax bill? $2,975.00.

The following chart illustrates Land Transfer Taxes by province.

ONTARIO
Land Transfer Tax (go to calculator)
Up to $55,000 X 0.5% of total purchase price
From $55,000 to $250,000 X 1% of total purchase price
From $250,000 to $400,000 X 1.5% of total purchase price
From $400,000 up X 2% of total purchase price
BRITISH COLUMBIA
Property Purchase Tax
Up to $200,000 X 1% of total purchase price
From $200,000 up X 2% of total purchase price
MANITOBA
Land Transfer Tax
Up to $30,000 N/A
From $30,000 to $90,000 X 0.5% of total purchase price
From $90,000 to $150,000 X 1% of total purchase price
From $150,000 up X 1.5% of total purchase price
QUEBEC
Transfer Tax
Up to $50,000 X 0.5% of total purchase price
From $50,000 to $250,000 X 1% of total purchase price
From $250,000 up X 1.5% of total purchase price
Halifax Metro
1.5% on total purchase price
Outside HalifaxCounty
Check with local municipality.

 

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As a Realtor® licensed in Toronto, Amy provides Strategic Marketing and Transaction Management services to her clients across many G.T.A. markets. Her business is built on: Dedication, Communication, Determination, & Trust while embodying the ability to cater and adapt to all of her client’s Real Estate needs. “Just as the Real Estate industry evolves to become more innovative and efficient, so do I.”

A Toronto native for over 20 years, her knowledge of the city’s geography can assist you with all of your Residential Real Estate endeavors on both sides of the sale! In addition, she provides exceptional Real Estate services to ensure you feel confident with your decision to hire her.