REAL ESTATE RESOURCES
When purchasing a house or condominium in Ontario, you are required to pay a land transfer tax during the closing process. To help you calculate the amount you'll need to pay, you can use the land transfer tax calculator provided below.
Alternatively, you can refer to the current land transfer tax rates in Ontario listed below.
Provincial Taxes – Ontario
0.5% on the first $55,000 of the property’s value
1.0% on the portion between $55,000.01 and $250,000
1.5% on the portion between $250,000.01 and $400,000
2.0% on the portion between $400,000.01 and $2,000,000.00
2.5% on the portion over Over $2,000,000
Municipal Taxes – For properties located in Toronto
0.5% on the first $55,000 of the property’s value
1.0% on the portion between $55,000.01 and $250,000
1.5% on the portion between $250,000.01 and $400,000
2.0% on the portion between $400,000.01 and $2,000,000.00
2.5% on the portion over Over $2,000,000
Provincial Rebate - Ontario
Based on Ontario’s land transfer tax rates, this refund will cover the full tax for homes up to $368,000. For homes purchased for more than $368,000, buyers will receive the full $4,000 rebate and pay the remaining LTT balance. For first-time home buyers, there is a maximum $4,000 tax rebate on the Ontario land transfer tax.
Municipal Rebate - Toronto
Based on Toronto’s tax rate, the rebate will cover the full Toronto LTT on homes worth $400,000 or less. The Toronto LTT rebate is calculated similarly to that of Ontario’s. For first-time home buyers in Toronto, there is also a maximum $4,475 tax rebate on the municipal LTT.
Example:
Let's recalculate the land transfer tax and rebates for a first-time homebuyer in Toronto purchasing a property valued at $10,000,000.
Here's the breakdown of the calculation:
Provincial Tax Calculation:
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$55,000 * 0.005 = $275
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($250,000 - $55,000) * 0.01 = $1,950
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($400,000 - $250,000) * 0.015 = $2,250
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($2,000,000 - $400,000) * 0.02 = $32,000
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($10,000,000 - $2,000,000) * 0.025 = $195,000
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Provincial Tax = $275 + $1,950 + $2,250 + $32,000 + $195,000 = $231,475
Municipal Tax Calculation:
The same as the provincial tax calculation: Municipal Tax = $231,47
Provincial Rebate Calculation:
The property value exceeds $368,000, so the rebate is $4,000.
Provincial Rebate = $4,000
Municipal Rebate Calculation:
The property value exceeds $400,000, so the rebate is $4,475.
Municipal Rebate = $4,475
Total Tax Calculation:
Total Tax = (Provincial Tax + Municipal Tax) - (Provincial Rebate + Municipal Rebate)
Total Tax = ($231,475 + $231,475) - ($4,000 + $4,475) = $454,475
Based on the revised calculation, the total land transfer tax payable for a first-time homebuyer in Toronto, with a property valued at $10,000,000, would be $454,475.