News & Articles: Land Tansfer Tax
Land Transfer tax is paid by the buyer. Whenever a property changes title in Ontario, this tax must be paid. It is separate from the annual municipal property tax, and are payable only once to the government of Ontario. In Ontario, land transfer tax is payable on the purchase price at the rate of one-half of one percent on the first $55,000 and one percent of the rest up to $250,000. Above that level, the tax jumps to 1.5 per cent, and on the price of single-family residences the tax on the amount over 400,000 is 2 per cent. Be sure to budget in advance for the Land Transfer Tax.
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