Land Transfer Tax

Who pays land transfer tax?
When you acquire land or a beneficial interest in land, you pay land transfer tax to the province when the transaction closes.

 

How is the tax calculated?

If an agreement of purchase and sale is entered into after November 14, 2016, and registration or the disposition occurs on or after January 1, 2017, the tax rates on the value of the consideration are as follows:

amounts up to and including $55,000: 0.5%
amounts exceeding $55,000, up to and including $250,000: 1.0%
amounts exceeding $250,000, up to and including $400,000: 1.5%
amounts exceeding $400,000: 2.0%
amounts exceeding $2,000,000, where the land contains one or two single family residences: 2.5%.

 

Find out more about Land Transfer Tax here: http://www.fin.gov.on.ca/en/tax/ltt/

 

http://www.landtransfertaxcalculator.ca/#LandTransferTaxCalculator

www.chestnutpark.com/landtransfertax/

First‑time homebuyers 

www.fin.gov.on.ca › Home › Bulletins › Land Transfer Tax

First-time homebuyer refund requests must be made within 18 months after the date of the transfer.

 

HST (Harmonized Sales Tax)

The harmonized sales tax (HST) applies to newly constructed homes or substantially renovated homes, but does not apply to resale homes.

Exceptions to this would be properties that generate an income (such as;  rentals, home retail businesses and rural agricultural business). These would be assessed on an individual basis depending on circumstances, profitability etc. 

HST Ruling Hotline 1-800-959-8287

 

Buyers of new homes may receive a Rebate of up to $24,000 of the provincial portion (8%) of the HST. If you have any questions about the HST rebate please contact the Canada Revenue Agency at 1‑800‑959‑1953.

 


 

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