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Five Things You Need To Know About Ontario’s Land Transfer Tax

Posted onMarch 06/2017By

When people think of buying a home, they often forget about land transfer tax. People tend to be so preoccupied with finding the perfect property, coming up with a down payment and securing a mortgage that they overlook the other costs associated with home buying. Land transfer tax (LTT) is an important aspect of buying a property. Here are five things you need to know about LTT, from who pays it to how to find a land transfer tax calculator. What is land transfer tax? In Ontario (and every province in Canada with the exception of Alberta and Saskatchewan), you are required to pay a fee when land is purchased. Land is defined as any building that currently exists, or parcels of land where a building (or buildings) will be constructed. Who pays land transfer tax? Anyone who is purchasing land in Ontario has to pay LTT. Furthermore, if you…

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Land Transfer Tax 101

Posted onMay 18/2015By

When you purchase land in Ontario, you will have to pay Land Transfer Tax. This tax, like any other tax implemented by the government, sounds like a big deal. Unfortunately, it is. However, before you worry yourself about another taxation situation, here’s a cheat sheet to help you understand everything about it. Welcome to Land Transfer Tax 101! What is Land Transfer Tax? Land Transfer Tax is applicable in most Canadians provinces. In Ontario when you buy land, like any other purchase you would make, you will be taxed on it. LTT is an obligatory contribution to provincial revenue. What is considered land? Land is considered to be anything from buildings that already exist to buildings that are to be constructed. Some people confuse land with rural farm acreage but it is anywhere and anything that you can live or operate a business on. How is Land Transfer Tax calculated?…

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