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Land Transfer Tax
Homebuyers in Ontario pay a land transfer tax
Here is a sample calculation for a single-family home purchased for $450,000:
| Value Range |
Calculation |
Sum |
| $0 - $55,000 |
0.005 x $55,000 |
= $275.00 |
| $55,000 - $250,000 |
0.01 x $195,000 |
= $1,950.00 |
| $250,000 - $400,000 |
0.015 x $150,000 |
= $2,250.00 |
| $400,000 and over * |
(0.015 + 0.005) * $50,000 |
= $1000.00 |
| Land Transfew Tax Payable |
$5,475.00 |
First-time buyers of new homes and new condos can get up $2,000 in rebates. A new home is one which the purchaser is entitles to warranty uner Section 13 of the Ontario New Jomes Warranties Plan Act.
* If the land falls under the definition of single - family and duplex residences, an additional tax of 0.5% applies to consideration over $400,000.
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