To calculate the provincial LTT manually, use the following graduated scale:
| rate | amounts |
|---|---|
| 0.5% | up to and including $55,000 |
| +1.0% | exceeding $55,000 up to and including $250,000 |
| +1.5% | above $250,000 up to and including $400,000 for residential |
| +1.5% | in excess of $250,000 for business properties |
| +2.0% | in excess of $400,000. [residential only] |
Toronto's LTT would match the provincial LTT (i.e., doubling the land transfer tax paid by home buyers).
First-time buyers who purchase a newly constructed home qualify for a Land Transfer Tax Refund equivalent to the entire amount of tax paid or payable, up to a maximum of $2000.
See also: "A Terrible Tax Hits Home" (National Post)
Reference: Land Transfer Tax (LTT) and Rebate Program
Comments(1)