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Ontario Land Transfer Tax Calculator

Posted by TarMcGuire.com on August 8, 2018
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Ontario Land Transfer Tax Calculator

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About Ontario Land Transfer Tax

When you buy land or an interest in land in Ontario, you pay Ontario’s land transfer tax when the transaction closes.

Land includes any buildings, buildings to be constructed, and fixtures (such as light fixtures, built-in appliances and cabinetry).

 

Land transfer tax is normally based on the amount paid for the land, in addition to the amount remaining on any mortgage or debt assumed as part of the arrangement to buy the land.

First-time homebuyers

If you are a first-time homebuyer, you may be eligible for a refund of all or part of the land transfer tax.

The maximum amount of the refund is $2,000.

For example:

Cost of Home Tax Payable Tax Refund Net Tax Payable
$100,000 $725 $725 $0
$200,000 $1,725 $1,725 $0
$300,000 $2,975 $2,000 $975

Do I qualify?

To get a refund of land transfer tax, you:

  • must be at least 18 years old
  • must occupy the home as your principal residence within nine months of the date of transfer
  • cannot have ever owned an eligible home, or an interest in an eligible home, anywhere in the world, and
  • if you entered into an agreement of purchase and sale before December 14, 2007, the eligible home must be newly constructed and you must be eligible for  the Tarion New Home Warranty.

If you have a spouse, your spouse cannot have owned an eligible home, or an interest in an eligible home, anywhere in the world while being your spouse.
You must apply for a refund within 18 months after the date of the transfer.

Details about Land Transfer Tax and First Time Home Buyer Credit are available at the Ontario Ministry of Finance website.

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