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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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