RE/MAX PARRY SOUND MUSKOKA REALTY LTD., BROKERAGE*
Gary Phillips
Realtor
RE/MAX PARRY SOUND MUSKOKA REALTY LTD., BROKERAGE*
- Mobile:
- 705-771-2066
- Email Me
Land Transfer Tax Details
Land Transfer Tax
Many provinces have multi-tiered taxation systems that can be complicated. For example, if you purchase a property for $300,000 in Ontario, 0.5% is charged on the first $55,000, 1% is charged on $55,000 - $250,000, while the $250,000 - $400,000 range is taxed at 1.5%. Your total tax bill? $2,975.00.
The following chart illustrates Land Transfer Taxes by province.
| ONTARIO |
| Land Transfer Tax (go to calculator) Up to $55,000 X 0.5% of total purchase price From $55,000 to $250,000 X 1% of total purchase price From $250,000 to $400,000 X 1.5% of total purchase price From $400,000 up X 2% of total purchase price |
| BRITISH COLUMBIA |
| Property Purchase Tax Up to $200,000 X 1% of total purchase price From $200,000 up X 2% of total purchase price |
| MANITOBA |
| Land Transfer Tax Up to $30,000 N/A From $30,000 to $90,000 X 0.5% of total purchase price From $90,000 to $150,000 X 1% of total purchase price From $150,000 up X 1.5% of total purchase price |
| QUEBEC |
| Transfer Tax Up to $50,000 X 0.5% of total purchase price From $50,000 to $250,000 X 1% of total purchase price From $250,000 up X 1.5% of total purchase price |
| Halifax Metro |
| 1.5% on total purchase price |
| Outside HalifaxCounty |
| Check with local municipality. |