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+1.0% on the amount exceeding $55,000 up to and including $250,000; +1.5% on amounts above $250,000 up to and including $400,000; +2.0% of the amount in excess of $400,000. See Land Transfer Tax Refund for First-time Homebuyers
On October 22, 2007, Toronto City Council has approved a municipal land transfer tax that will be levied on top of the provincial land transfer tax. This additional tax applies to properties in the City of Toronto, and not other municipalities of the Greater Toronto Area such as Richmond Hill, Markham etc. For all purchasers:
Purchasers with a Purchase and Sale agreement signed after December 31, 2007 with a closing before February 1, 2008 will not be required to pay the Toronto Land Transfer tax. Purchasers with a Purchase and Sale agreement signed after December 31, 2007 with a closing on or after February 1, 2008 will be required to pay the full Toronto Land Transfer tax. For first time purchasers: A rebate of up to $3,725 will apply to first-time purchasers of both new and existing homes. This means a full rebate for first-time buyers of homes valued at $400,000 or less. For example, a first-time purchaser of a home valued at $600,000 would pay land transfer tax according to the scale shown above, and receive a rebate of $3,725. A first time home buyer of a home valued at $300,000 would get a full rebate on the land transfer tax. For further information please refer to the staff report. Note: Although this site endeavours to ensure the accuracy and timeliness of information, it is not guaranteed. This site and Ilenna assumes no responsibility for the accuracy of this data and accept no responsibility for any loss arising from any use or reliance on the information contained herein. You are advised to consult your lawyer for the accurate figures. |