Land Transfer Tax (LTT)

Unless you live in Alberta, Saskatchewan, or rural Nova Scotia, a land transfer tax / property purchase tax will be levied on properties purchased. This means the majority of home purchasers in Canada can expect to add Land Transfer Taxes to the list of closing costs. Depending on where you live, taxes can range from a half a percent  (0.5%) to two percent (2%) of the total value of the property.
Many provinces have multi-tiered taxation systems that can prove complicated. If you purchase a property for $260,000 in Ontario, for example, 0.5 percent is charged on the first $55,000, 1 percent is charged on $55,000 - $250,000, while the $250,000 - $400,000 range is taxed at 1.5 percent.  What is your total tax bill? $2,375.00 (but would be even higher in Toronto).

The following chart illustrates Land Transfer Taxes by province.
These can change often.

 

BRITISH COLUMBIA

Property Purchase Tax
Up to $200,000 X 1.0 % of total property value
From $200,000 up X 2.0 % of total property value

 

MANITOBA

Land Transfer Tax
Up to $30,000 N/A
From $30,000 to $90,000 X 0.5 % of total property value
From $90,000 to $150,000 X 1.0 % of total property value
From $150,000 up X 1.5 % of total property value

 

ONTARIO

Land Transfer Tax
0.5% on the first $55,000
Plus 1.0% of the amount from $55,001 to $250,000
Plus 1.5% of the amount in excess of $250,001 to $400,000
Plus 2.0% of the amount in excess of $400,000

City of Toronto (in addition to provincial taxes)
0.5% on the first $55,000
Plus 1.0% of the amount from $55,001 to $400,000
Plus 2.0% of the amount in excess of $400,000

 

QUEBEC

Transfer Tax
Up to $50,000 X 0.5 % of total property value
From $50,000 to $250,000 X 1.0 % of total property value
From $250,000 up X 1.5 % of total property value

 

NOVA SCOTIA

Halifax Metro
1.5 % on total property value
Outside Halifax County
Check with local municipality.

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