One of the cost buyers should be aware of when purchasing real estate in Ontario is the Land Transfer Tax. There are many helpful websites then can calculate the amount for you, but in this blog i'll show you a quick way to figure it out!
The following applies for single family dwellings only (or no more than a duplex or not more than two single family residences)
If the purchase price is under $55,000 - multiply amount by .005
If the purchase price is over $55,000 - Multiply amount by .01 then subtract $275
If the purchase price is over $250,000 - Multiply amount by .015 then subtract $1,525
If the purchase price is over $400,000 - Multiply amount by .02 then subtract $3,525
Examples
Land Transfer Tax = ($25,000x .005) = $125.00
Land Transfer Tax = ($220,000 x .01) minus $275 = $1,925.00
Land Transfer Tax = ($380,000 x .015) minus $1,525 = $4,175
Land Transfer Tax = ($410,000 x .02) minus $3,525 = $4,675.00
Happy Calculating!
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