Provincial Land Transfer Tax Rates

The tax rates on the value of the consideration are as follows:

Amounts up to and including $55,000 -0.5 %

Amounts exceeding $55,000 up to and including $250,000 - 1.0 %

Amounts exceeding $250,000 - 1.5 %

Amounts exceeding $400,000 where the land contains one or two single family residences - 2.0 % 

The provincial government has announced that it is expanding the PROVINCIAL land transfer tax rebate for first-time buyers to include re-sale housing.

Details:
First-time buyers of BOTH re-sale, and newly constructed homes, will be eligible for a rebate of the provincial land transfer tax of up to $2,000.
Effective for first-time buyers who enter into Agreements of Purchase and Sale AFTER December 13, 2007.
This change is being implemented by provincial legislation introduced on December 13, 2007. The Ministry of Finance has indicated that, until the legislation is passed, first-time buyers of re-sale properties eligible for the rebate can submit their applications for the refund and they will be processed once the legislation has passed. It is not known when the legislation will be passed. Buyers can consult with their lawyers if they have concerns. The provincial land transfer tax rebate applies in all Ontario municipalities. 
 

City of Toronto Land Transfer Tax Rates 

A second land transfer tax, on top of the provincial land transfer tax, at the following rates:

Residential:

• 0.5% of the amount of the purchase price up to and including $55,000
• 1% of the amount of the purchase price between $55,000 and $400,000
• 2% of the amount of the purchase price above $400,000

For more information on the new Toronto Land Transfer Tax please click here: http://www.mydreamtorontohome.com/4a_realestatenews.php?id=89686