When you a buy a house, condo or land in Ontario you are subject to land transfer tax which is due upon closing. Rates are as follows:
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Many people overlook the considerable cost of land transfer tax when purchasing a house. When you buy a house, you must pay the government a tax after the sale is completed. The sum charged is determined by the value of your home.
When you a buy a house, condo or land in Ontario you are subject to land transfer tax which is due upon closing. Rates are as follows:
| Purchase Price of Home | Land Transfer Marginal Tax Rate |
|---|---|
| First $55,000 | 0.5% |
| $55,000 to $250,000 | 1.0% |
| $250,000 to $400,000 | 1.5% |
| $400,000 to $2,000,000 | 2.0% |
| Over $2,000,000 | 2.5% |
| Purchase Price of Home | First-Time Buyer Rebate |
|---|---|
| Up to $368,333 | Full Tax Refund |
| Over $368,333 | $4,000 Refund |
Contact Us today to receive current local rates. We offer a wide range of products and services to meet your exact needs.
Speak to our Mortgage Specialist at 647-494-0094 x 206