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land transfer tax details
Dated: January 2 2022
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Land Transfer Tax Details
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.
The following chart illustrates Land Transfer Taxes by province.
| 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. |
Amrinderpal Singh
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....
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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
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All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating
