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Stan Adams

The Stan Adams Team Leader Sales Representative
ABR, Platinum
Phone:(519) 623-6200

Cambridge

766 Hespeler Road,
Cambridge, ON ON
N3H 5L8
CA

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Land Transfer Tax

Buyers in most areas will have to add Land Transfer Taxes to their closing costs

Land transfer taxes are a part of the process unless you live in Alberta, Saskatchewan, or rural Nova Scotia. These taxes, levied on properties that are changing hands, are the responsibility of the buyer. Depending on where you live, taxes can range from a half a per cent to two per cent of the total value of the property.

Many provinces have multi-tiered taxation systems that can sometimes be difficult to understand. If you buy a property for $260,000 in Ontario, for example, .5 per cent is charged on the first $55,000, 1 per cent is charged on $55,000 - $250,000, while the $250,000 - $400,000 range is taxed at 1.5 per cent. Your total tax bill? $2,375.00.

The following chart illustrates Land Transfer Taxes by province

 

ONTARIO

Land Transfer Tax

Up to $55,000 X .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

 

BRITISH COLUMBIA

Property Purchase Tax

Up to $200,000 X 1 % of total property value

From $200,000 up X 2 % of total property value

 

MANITOBA

Land Transfer Tax

Up to $30,000 N/A

From $30,000 to $90,000 X .5 % of total property value

From $90,000 to $150,000 X 1 % of total property value

From $150,000 up X 1.5 % of total property value

 

QUEBEC

Transfer Tax

Up to $50,000 X .5 % of total property value

From $50,000 to $250,000 X 1 % of total property value

From $250,000 up X 1.5 % of total property value

 

NOVA SCOTIA

Land Transfer Tax

Halifax Metro

1.5 per cent on total property value

Outside Halifax County

Check with local municipality.

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RE/MAX Real Estate Centre Inc., Brokerage
766 Hespeler Road
Cambridge, ON ON  N3H 5L8
(519) 623-6200
Real Estate License # 4727241