Title Insurance DetailsWhat is Title Insurance?Title insurance is protection against loss arising from problems connected to the title of your property. Before you purchased your home, it may have

Dated: January 2 2022
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Purchasers in most large Canadian cities can add Land Transfer Taxes to their list of closing costs. Unless you live in Alberta, Saskatchewan, or rural Nova Scotia, land transfer taxes (or property purchase tax) are part of the deal. These taxes, levied on properties that are changing hands, are the responsibility of the purchaser. Depending on where you live, taxes can range from half of a percent to two percent of the total purchase price.
Many provinces have multi-tiered taxation systems that can be complicated. For example, if you purchase a property for $300,000 in Ontario, 0.5% is charged on the first $55,000, 1% is charged on $55,000 - $250,000, while the $250,000 - $400,000 range is taxed at 1.5%. Your total tax bill? $2,975.00.
ONTARIO |
Land Transfer Tax (go to calculator) Up to $55,000 X 0.5% of total purchase price From $55,000 to $250,000 X 1% of total purchase price From $250,000 to $400,000 X 1.5% of total purchase price From $400,000 up X 2% of total purchase price |
BRITISH COLUMBIA |
Property Purchase Tax Up to $200,000 X 1% of total purchase price From $200,000 up X 2% of total purchase price |
MANITOBA |
Land Transfer Tax Up to $30,000 N/A From $30,000 to $90,000 X 0.5% of total purchase price From $90,000 to $150,000 X 1% of total purchase price From $150,000 up X 1.5% of total purchase price |
QUEBEC |
Transfer Tax Up to $50,000 X 0.5% of total purchase price From $50,000 to $250,000 X 1% of total purchase price From $250,000 up X 1.5% of total purchase price |
Halifax Metro |
1.5% on total purchase price |
Outside HalifaxCounty |
Check with local municipality. |
As a Realtor, my first priority is to make my clients happy. I listen to my clients wants and needs to achieve the best outcome in every transaction and I strive to ensure that the home buying or sell....
Title Insurance DetailsWhat is Title Insurance?Title insurance is protection against loss arising from problems connected to the title of your property. Before you purchased your home, it may have
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Government Programs for Home BuyersGovernment Programs for Home BuyersCMHC Purchase Plus ImprovementsRRSP Home Buyers' Plan5% Down Payment ProgramHST New Housing RebateLand Transfer Tax (LTT) Rebate
Land Transfer Tax DetailsPurchasers in most large Canadian cities can add Land Transfer Taxes to their list of closing costs. Unless you live in Alberta, Saskatchewan, or rural Nova Scotia, land