LAND TRANSFER TAX

Land Transfer Tax is a necessary evil for most home buyers.  It is the tax paid to the province on the purchase price of the property. The amount of land transfer tax you pay depends on the purchase price of your home.  For a quick calculation of the land transfer tax, refer to the following:

►Purchase price up to and including $55,000 = Purchase price x 0.005

►Exceeding $55,000 and up to $250,000 = (Purchase price x 0.01) - $275

►Exceeding $250,000 up to $400,000 = (Purchase price x 0.015) - $1525

►For residential property exceeding $400,000 = (purchase price x 0.02) - $3525

►For other property exceeding $400,000 = (purchase price x 0.02) - $3525

►For residential property over $2,000,000, = (purchase price x 0.025) - $13,525