How Much Will Land Transfer Tax Be?
As of 2011, the Land Transfer Tax for those buying interest in Ontario is as follows:
- Half-a-percent of the value of the consideration up to and including $55,000,
- One percent of the value of the consideration exceeding $55,000, up to and including $250,000
- One-and-a-half percent of the value of the consideration exceeding $250,000,
- Two percent of the amount exceeding $400,000 for one and two family residences.
First time buyers may be exempt for some or all of the land transfer tax.