Amatul Waheed  Real Estate Inc.

Amatul Waheed Real Estate Inc.

Broker of Record

RE/MAX PREMIER AMATUL WAHEED REAL ESTATE

Mobile:
647-702-7718
Office:
(647) 702-7718
Email Me
Amatul Waheed  Real Estate Inc.

Amatul Waheed Real Estate Inc.

Broker of Record

RE/MAX PREMIER AMATUL WAHEED REAL ESTATE

Mobile:
647-702-7718
Office:
(647) 702-7718
Email Me

Land Transfer Tax Details

Land Transfer Tax

Purchasers in most large Canadian cities can add Land Transfer Taxes to their list of closing costs. Unless you live in Alberta, Saskatchewan, or rural Nova Scotia, land transfer taxes (or property purchase tax) are part of the deal. These taxes, levied on properties that are changing hands, are the responsibility of the purchaser. Depending on where you live, taxes can range from half of a percent to two percent of the total purchase price.

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.
If you have been looking at Vaughan Real Estate listings or Richmond Hill Real Estate listings, you will notice that the majority of these properties are valued much higher than prices in towns further from the city. Even though land transfer tax costs are only a small portion of your total fees, it is important to know the rates.

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.

For additional information regarding Richmond Hill Real Estate or Vaughan Real Estate Listings, contact Amatul Waheed at 647- 702- 7718.

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