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Ontario - License #11000073 · Nova Scotia - Licence #2023-3000786 · Mortgage Outlet Inc #12628
What land transfer tax will you owe on closing?
Ontario's land transfer tax is progressive, Toronto charges a second one on top, and first-time buyers get rebates on both. This calculator handles all three so you know the cash you need on closing day.
Ontario land transfer tax calculator
Land transfer tax is due in cash on closing. Buying inside the City of Toronto means paying the municipal tax on top of the provincial one.
Land transfer tax due on closing
$14,475
- Ontario land transfer tax
- $11,475
- Toronto municipal tax
- $11,475
- Provincial rebate
- - $4,000
- Toronto rebate
- - $4,475
- Total payable
- $14,475
Based on current Ontario and City of Toronto land transfer tax brackets and first-time buyer rebate maximums ($4,000 provincial, $4,475 municipal). Confirm final amounts with your lawyer.
Ontario land transfer tax rates
- Up to $55,000
- 0.5%
- $55,000 to $250,000
- 1.0%
- $250,000 to $400,000
- 1.5%
- $400,000 to $2,000,000
- 2.0%
- Over $2,000,000
- 2.5%
Toronto's municipal land transfer tax uses a similar bracket structure and is charged in addition to the provincial tax.
The rest of your closing costs
- Legal fees and disbursements, commonly $1,500 to $2,500
- Title insurance, commonly $300 to $600
- Home inspection and appraisal where required
- Property tax and utility adjustments to the seller
- Moving costs, and HST on a new build unless it is included in the price
Lenders also want to see roughly 1.5% of the purchase price available for closing costs. We build this into your pre-approval so the number is not a surprise.
- How much is land transfer tax in Ontario?
- Ontario charges a progressive rate: 0.5% on the first $55,000, 1% to $250,000, 1.5% to $400,000, 2% to $2,000,000 and 2.5% above that. On a $750,000 purchase the provincial tax is $11,475.
- Do I pay land transfer tax twice in Toronto?
- Yes. Properties inside the City of Toronto pay a municipal land transfer tax on top of the provincial one, which roughly doubles the bill. That is why the city toggle in the calculator changes the total so sharply.
- What is the first-time buyer land transfer tax rebate?
- Eligible first-time buyers receive up to $4,000 back on the provincial tax and, in Toronto, up to $4,475 on the municipal tax. On lower-priced homes the rebates can eliminate the tax entirely.
- When do I pay land transfer tax?
- On closing, through your lawyer. It cannot be added to your mortgage, so it has to come from your own funds along with legal fees, title insurance and any adjustments.
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