The following is intended to be only a brief review of the Land Transfer Tax in Ontario. The intended readers are primarily real estate and mortgage professionals.
For complex inquiries or questions please contact us.
Land transfer tax is paid in Ontario when a person purchases an interest in Land. Land includes buildings for the purpose of calculating the tax, for example, a high rise condominium. Land transfer tax is based on the amount paid for the land and any amount remaining on any mortgage or debt assumed to buy the land.
The higher the amount paid to buy the land or value of any mortgages assumed, the higher the land transfer tax. Without going into the formula used to calculate the tax here are some examples of land transfer taxes payable based on different home purchase prices.
