Ontario and Toronto Land Transfer Tax Calculator for Residential Property Sales

Submitted by Jasmina on Wed, 2007-11-14 03:42.

Toronto City Council has approved a Municipal Land Transfer Tax (LTT) that will be levied on top of the Provincial Land Transfer Tax. The Toronto Real Estate Board (TREB) worked very hard to oppose the new LTT.

Google Gadget Calculator compares Ontario & Toronto Land Transfer Taxes

Add to Google Feel free to add my Land Transfer Tax Calculator Gadget to your iGoogle home page to determine what Toronto LTT will cost you and see if it's time to consider moving to York Region and other 905 areas, where you pay only the Ontario Land Transfer Tax and get bigger homes for less money:

Who Pays the Toronto Land Transfer Tax?

  • If you have purchased a property with a closing date on or after February 1, 2008 you will be required to pay the Toronto Land Transfer Tax.
  • If the closing date is on or after February 1, 2008 and the Purchase & Sale agreement was executed on or before December 31, 2007 you are eligible for a full rebate.

Rebate for First-Time Home Buyers

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.

Details of the City’s land transfer tax are available from the City’s web site.