Looking to buy a home? Don’t forget to forecast all of your expenses
This includes lawyer fees, closing costs and land transfer tax. This tax is payed to the provincial government of Ontario. If you’re buying in Toronto, your tax doubles up as you also have to pay a land transfer tax to the city. If you’re a first time homebuyer, you may be eligible for a refund of all or part of the land transfer tax.
The land transfer tax is dependent on the purchase price of the home and there is different price ranges that are taxed differently. The first $55,000 of the purchase price is taxed at .05%. The range between $55,000 and $250,000 is taxed at 1%. The amount between $250,000 to $400,000 is taxed at 1.5%, the remainder gets taxed at the full 2%. So go ahead and grab a calculator and a pen and make the calculations yourself or just use the calculator below. Happy Budgeting!
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