Sanjay          Gupta

Sanjay Gupta

Broker

eXp Realty, Brokerage *

Mobile:
647-313-7321
Office:
1-866-530-7737
Email Me
Sanjay          Gupta

Sanjay Gupta

Broker

eXp Realty, Brokerage *

Mobile:
647-313-7321
Office:
1-866-530-7737
Email Me

Land Transfer Tax Details

Land Transfer Tax

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.

 

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Real Estate is all about buying and selling property . Wrong! To Sanjay Gupta, real estate is about serving real people with real needs and providing real value. Real Estate is much more than jumping into the car to show buyers homes for sale or putting a sale sign on the lawn of a seller- Real Estate with us means as a buyer or seller, you experience the excellence of my proven track record. From walking you through the buying , selling or investing process in a step by step fashion to keeping you updated on market information every step of the way, we believes in doing more than just buying or selling a home- I believe in creating memories and letting our clients experience the excellence...
 
 


Specialty: Residential Buying, Selling, Leasing

Area Covered: Milton, Burlington, Missisauga, Brampton, GTA