The Ontario Land Transfer Tax calculator will help you figure out how much land transfer tax will be due and payable upon closing.
How the Ontario Land Transfer Tax calculator works
Use the above calculator to find out how much land transfer tax you will pay. If you are a first time buyer, you will receive a rebate on the land transfer tax to a certain amount. The calculator will automatically factor this in.
If you live in the City of Toronto, the calculator will show you how much total land transfer tax you will pay, including both the provincial land transfer tax and the municipal land transfer tax.
Ontario Provincial Land Transfer Tax
Up to $55,000 x 0.5% of total property value
From $55,000 to $250,000 x 1% of total property value
From $250,000 to $400,000 x 1.5% of total property value
From $400,000 up x 2% of total property value
Toronto Municipal Land Transfer Tax
In addition to the Ontario provincial land transfer tax, buyers in the City of Toronto pay an additional land transfer tax calculated as follows:
Up to and including $55,000.00 x 0.5% of total property value
From $55,000.01 to $400,000.00 x 1% of total property value
Over $400,000.00 x 2% of total property value
First Time Home Buyers
First time home buyers are eligible for land transfer tax rebates for both municipal and provincial land transfer tax.
Municipal Land Transfer Tax: Maximum rebate of $3,725 (City of Toronto only)
Provincial Land Transfer Tax: Maximum rebate of $2,000 (all cities in Ontario including Toronto)
When is land transfer tax payable?
Land transfer tax is payable upon closing. This portion of your purchase is handled by your lawyer. The amount of land transfer due and payable will be on the statement of the amount you owe for the purchase of your own home in addition to the purchase price and adjustments.
If I am a first time buyer, when do I receive the rebate?
The rebate is automatically adjusted and factored for when you purchase your home and the lawyer prepares the statement of what you will pay in total for the purchase. You do not pay the entire land transfer tax amount and then receive money back. It will already be adjusted with the rebate reflected upon your total owing.