Nick Boothby's Land Transfer Tax Calculator
What is Land Transfer Tax?
Land Transfer Tax is a tax payable by the purchaser on the amount paid for the new home. This applies if the home was sold at fair market value as occurs in a normal sale.
In Toronto the municipality imposes an additional tax to the one levied by the Province. Elsewhere in Ontario only the Provincial Land Transfer Tax applies.
The Ontario Ministry of Revenue defines Land Transfer Tax as follows:
The Municipality of Toronto also imposes a municipal Land Transfer Tax.
Calculate your Land Transfer Tax
Am I Intitled to a Refund or Rebate on the Land Transfer Tax?
First-time homebuyers 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. Your lawyer will calculate this after verifying your eligibility. The City of Toronto also offers first time buyers a rebate on their portion of the Land Transfer Tax.