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Toronto Real Estate Land Transfer Tax

One of the biggest advantages of being a first-time home owner is the privilege of a refund on the land transfer tax. Whether you are buying a new home or a residential resale, first-time buyers are eligible for a refund of up to $2000 off applicable land transfer taxes. If there is an amount in excess of the rebate is to paid, your lawyer will usually deal with it.

How Much Land Transfer Tax is Payable?

Below is a schedule showing the approximate amount of land transfer taxes to be expected based on purchase price for a single family dwelling.

Don’t Forget Municipal Land Transfer Tax

The city of Toronto assesses a municipal land transfer tax on all buyers in addition to the provincial tax discussed above.  Again, first-time buyers can receive a refund up to $3725.  This refund is eligible on new homes and residential resale properties.

How Much Land Municipal Transfer Tax is Payable?

This schedule shows an approximation of the municipal land transfer taxes calculated based on purchase price for a single family home.