Land Transfer Tax Calculation
The following table explains the calculation for Land Transfer Tax in Ontario as a guide to help you plan for your purchase:
This example is based on a $500,000.00 purchase.
| Property Value | Tax Rate | Calcuation | Tax Amount |
|---|---|---|---|
| Up to and including $55,000 | 0.5% | $55,000 x 0.5% | $275 |
| 55,000.01, up to and including $250,000 | 1% | $250,000 – $55,000 = $195,000 x 1% | $1,950 |
| $250,000.01 up to and including $400,000 | 1.5% | $400,000 – $250,000 = $150,000 x 1.5% | $2,250 |
| $400,000.01 up to and including $2,000,000 | 2% | $500,000 – ($55,000 + $195,000+ $150,000) = $100,000 x 2% | $2,000 |
| $2,000,000.01 + | 2.5% | ||
| Total Land Transfer Tax Owing: | $6,475 |