What is the percentage of land transfer tax in Ontario?
The tax rates on land transfers in Ontario are as follows: 0.5% on amounts up to and including $55,000. 1.0% on amounts exceeding $55,000, up to and including $250,000. 1.5% on amounts exceeding $250,000, up to and including $400,000.
What is the percentage of land transfer tax in Ontario?
The tax rates on land transfers in Ontario are as follows: 0.5% on amounts up to and including $55,000. 1.0% on amounts exceeding $55,000, up to and including $250,000. 1.5% on amounts exceeding $250,000, up to and including $400,000.
How is the land transfer tax calculated in Toronto?
The higher your purchase price is, the more in land transfer taxes that you will incur. Land transfer taxes start at 0.5% for the first $55,000 in purchase price, and progressively increase all the way up to a transfer tax of 2.5% for each dollar of purchase price over $2,000,000.
How do you calculate land transfer tax in Ontario?
Ontario land transfer tax calculation: $55,000 first marginal tax bracket. × 0.50% marginal tax rate. ... ( $250,000 upper marginal tax bracket - $55,000 lower marginal tax bracket ) × 1.0% marginal tax rate. ... ( $300,000 upper marginal tax bracket - $250,000 lower marginal tax bracket ) ... $275 + $1,950 + $750.
How do you calculate land transfer tax in Ontario?
Total land transfer tax payable = $4,475....Calculation example multiply $55,000 by 0.5% (55,000 × 0.005) = $275. multiply the amount exceeding $55,000 up to $250,000 by 1.0% (195,000 × 0.01) = $1,950. multiply the amount exceeding $250,000 up to $400,000 by 1.5% (150,000 × 0.015) = $2,250.
