If you purchase land or an interest in land in Ontario you are required to pay the Provincial Land Transfer Tax (PLTT). If you have purchased this land or an interest in land located in Toronto, you are required to pay the Municipal Land Transfer Tax (MLTT) in addition to the PLTT.
MUNICIPAL LAND TRANSFER TAX (MLTT)
Up to and including $55,000.00 X 0.5%
From $55,000.01 to $250,000.00 X 1%
From $250,000.01 to $400,000.00
From $400,000.01 to $2,000,000.00 X 2%
Over $2,000,000.01 X 2.5%
PROVINCIAL LAND TRANSFER TAX (PLTT)
Up to $55,000 X 0.5% of total property value
From $55,000 to $250,000 X 1.0% of total property value
From $250,000 to $400,000 X 1.5% of total property value
From $400,000 up X 2% of total property value
From $2,000,000 up, where the land contains one or two single family residences X 2.5%
The City of Toronto levies an additional LTT on Toronto real estate in addition to the provincial rate.
LAND TRANSFER TAX REBATES: FIRST TIME HOME BUYERS
If you are a first time home buyer you are eligible for rebates for both the Municipal and Provincial Land Transfer Tax. For 2019:
- Municipal Land Transfer Tax (MLTT): Maximum $4,475
- Provincial Land Transfer Tax (PLTT): Maximum $4,000
OTHER TAXES: GST/HST NEW HOUSING REBATE
The GST/HST new housing rebate allows an individual to recover some of the GST or the federal part of the HST paid for a new or substantially renovated house that is for use as the individual’s, or their relation’s, primary place of residence, when all of the other conditions are met. You can apply for a rebate for the Federal and Provincial portion of the HST. Follow the links below for additional information:
Ontario Portion of the GST/HST Rebate
Federal Portion of the GST/HST Rebate
OTHER TAXES: NON-RESIDENT SPECULATION TAX
The Non-Resident Speculation Tax is a 15 per cent tax on the purchase or acquisition of an interest in residential property located within the Greater Golden Horseshoe Region (GGH) by individuals who are not citizens or permanent residents of Canada or by foreign corporations (foreign entities) and taxable trustees. Click here for more information on the Non-Resident Speculation Tax.