Mike Berthiaume Your Realtor in Windsor Essex
Land Transfer Tax

Buyers in Ontario have to add Land Transfer Taxes to their closing costs.

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.

Ontario has a 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 for Ontario

Up to $55,000:   0.5 % of value
From $55,000 to $250,000:   1 % of value
From $250,000 to $400,000:   1.5 % of value
From $400,000 up:   2 % of value


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