Luciano  Commisso

Luciano Commisso

Realtor®, Senior Real Estate Specialist, Real Estate Planner

HomeLife/Cimerman Real Estate Ltd., Brokerage*

Mobile:
416-258-8536
Email Me
Luciano  Commisso

Luciano Commisso

Realtor®, Senior Real Estate Specialist, Real Estate Planner

HomeLife/Cimerman Real Estate Ltd., Brokerage*

Mobile:
416-258-8536
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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Call Luciano:416-258-8536

   

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About Me

Top selling broker of the year for HomeLife Cimerman 2012 to 2015

 Language spoken English and Italian, specialization in Residential, Commercial and Speculation investment properties



Education: SRES for Seniors PMAC Ryerson Univeristy Business Brokers License Food Handling License

Experience: 13

Awards: Top 5% Canada from 2012 to 2019

Area Covered: Toronto GTA Peel Halton

Languages Spoken: English, Italian