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How to Calculate the Land Transfer Tax in Ontario

Posted onMarch 09/2020By

The land transfer tax is considered by many people to be one of the least desirable aspects of buying a home in Ontario. Still, it is an inevitable part of homeownership in the province. When a buyer purchases either a condo or a house in Ontario, they will need to pay a land transfer tax on the property. Please note that the seller of said condo or home will not have to pay any such tax. Here, we will discuss what the land transfer tax is and how it is calculated in the Province of Ontario. Who pays the tax?…

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How Land Transfer Tax Impacts Home Affordability

Posted onOctober 10/2018By

The impact that land transfer taxes will have on home affordability will vary tremendously depending on the market you’re in. For some, the land transfer tax is something to be despised. To others, it serves as a minor cost that is tacked onto their closing bill. In Canada, each province will charge either a fee or a tax for the transfer of real estate ownership or property. However, the rate will vary greatly from province to province, with some charging tens of thousands of dollars while others charge rates so meagre that they may seem like pocket change to some.…

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How Will The Land Transfer Tax Apply If I Leave My Home To My Kids?

Posted onOctober 25/2017By

Land transfer tax is something that is paid upon the purchase of property and is paid to the province at the closing date. This tax is based on the amount paid for the land as well as any mortgage or debt assumed upon purchase. If you are curious about what land transfer tax would be on your property, you can find a land transfer tax calculator online to give you an idea. It is a common wish that property should stay in the family; therefore, many homeowners choose to leave their homes to their children. However, when it comes to inherited property, there are still tax considerations. If a piece of land is given as a gift, then that makes the amount paid zero, which will result in land transfer tax not having to be paid. However, there are rules concerning residency, and if you gift your home to your…

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Can You Claim Land Transfer Tax?

Posted onJuly 26/2017By

Land transfer tax (LTT) is a charge levied by each Canadian province when you acquire a property. It is based on the amount paid for the land and includes any amount remaining on the mortgage or debt assumed as part of the purchase agreement. This tax is determined using a specific equation and a land transfer tax calculator. Many people wonder if land transfer tax can be claimed. If you’ve moved for work and your employer has not reimbursed you, you can claim the LTT. Also, there exists a rebate in the provinces of Ontario, British Columbia and Prince Edward Island that allows you to recoup the cost of the land transfer tax entirely. Land Transfer Tax Rebate In Ontario, first-time home buyers can qualify for a rebate that is equal to the full amount of the land transfer tax paid, up to a maximum of $4,000. As of January…

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How To Pay Land Transfer Tax

Posted onApril 10/2017By

When it comes to buying property, land transfer tax is another element to consider. Land transfer tax must be paid to the province once the sale is closed. Once you’ve bought land, or a beneficial interest in land, then you are responsible for the payment of the land transfer tax. Land transfer tax applies to all types of property/land, whether residential or commercial. Depending on which city you’re buying property in, land transfer tax may also have to be paid separately to the municipality. In Toronto, buyers also have to pay Toronto land transfer tax, in addition to paying tax to the province. It’s worth noting that land transfer tax must be paid on the closing date, which may not be the same as the occupancy date. In many condo buildings that are still under construction, you may have to pay a builder rent during your interim occupancy period. Your…

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