The amount of the Land Transfer Tax payable is dependant on the amount paid for the land; and any mortgages or debt assumed as part of the arrangement to buy the land.
The following chart shows how the Land Transfer Tax amount is calculated.
First Time Home Buyers may be eligible for a refund.
In order to claim a refund you:
- Must be 18 years of age or older
- Must occupy the home as your principle residence within 9 months of the date of transfer; and
- Cannot have ever owned a home, or interest in a home, anywhere in the world
- Your spouse cannot have ever owned a home, or interest in a home, anywhere in the world while being your spouse
- In the case of a newly constructed home, where the Agreement of Purchase and Sale was entered into before December 14th, 2007, you must be entitled to a Tarion Home Warranty.
For further information on Land Transfer Tax visit http://www.fin.gov.on.ca/en/tax/ltt/index.html