When you a buy a house, condo or land in Ontario you are subject to land transfer tax which is due upon closing. Use RateHub's calculator to
determine your applicable land transfer tax or view Ontario's rates below and follow along with our sample calculation.
The Ontario land transfer tax (LTT) is a marginal tax and each portion of your home's value is taxed at a unique rate. These tax rates are as follows:
|Purchase price of home||Land title transfer fee||First-time home buyer rebate|
The Ontario first-time home buyer rebate covers the full land transfer tax up to a maximum of $4,000. It is only available to first time home buyers.
|On $55,000 to $250,000||1.0%|
|On $250,001 to $400,000||1.5%|
|On $400,001 to $2,000,000||2.0%|
If you are purchasing a home in Toronto, it is important to note that an additional Toronto Land Transfer Tax will also apply. Beyond the land transfer tax you will also have to pay closing costs in Ontario when purchasing a home. These closing costs could include fees for an Ontario real estate lawyer and Ontario home inspector.