|
 |
|
 |
| |
| REAL ESTATE - LAND TRANSFER TAX |
 |
| |
| Land Transfer tax is an Ontario tax levied pursuant to the Land Titles Act, R.S.O. 1990, c. L.6 |
| |
| The tax is calculated as follows: |
| 1. On the first $55,000 of purchase cost, tax at one-half of one percent (so, .005 times $55,000, which equals $275.00) |
| |
| 2. On the purchase cost above the first $55,000, up to $250,000 only, tax at one percent of that excess (so, for a house costing $250,000, the tax is $275 [from the above calculation] plus .01 times the $195,000 difference, which equals $1950, for a total of $2225.00) |
| |
| 3. On the purchase cost above the first $250,000, up to $400,000 only, tax at one and one-half percent of that excess (so, for a house costing $400,000, the tax is $2225 [from the above calculation] plus .015 times the $150,000 difference, which equals $2250, for a total of $4475.00) |
| |
| 4. On the purchase cost above the first $400,000, tax at two percent of that excess (so, for a house costing, say, $500,000, the tax is $4475 [from the above calculation] plus .02 times the $100,000 difference, which equals $2000, for a total of $6475.00) |
| |
| |
 |
|
| |
|
| |
| |
| |
|
| |
| |
|
|
|
|
|
|
 |
|
|
