Land Transfer Tax

Posted on Feb 28, 2016 by Moreen Lynch

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

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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
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
Up to $200,000 X 1 % of total property value
From $200,000 up X 2 % of total property value

Manitoba
MANITOBA 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
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
Halifax Metro
1.5 per cent on total property value
Outside Halifax County, check with local municipality.

Lynch team
Moreen Lynch
RE/MAX All-Stars Realty Inc., Brokerage
430 The Queensway South,
Keswick, L4P 2E1
Office: 905-476-4111
Direct:(905) 960-0889

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