Land Transfer Tax

One of the major closing costs when you buy any home is Land Transfer Tax charged by the Ontario government.  This is basically a sales tax on land, although the rate is a lot less than 8%.  In fact, for any home that costs less than $250,000, the simple rule of thumb is 1% of the purchase price minus $275.  Here are the ranges:

•A.     home costs under $250,000:  purchase price x 1% less $275

•B.      home costs between $250,000 and $400,000:  purchase price x  1.5%, less $1,525

•C.     home costs over $400,000:  purchase price x 2%, less $3,525

LAND TRANSFER TAX SCHEDULE

Purchase price of Home       Land Transfer Tax

                 $    250,000                                  $2,225 

                 $    255,000                                  $2,300 

                 $    260,000                                  $2,375 

                 $    265,000                                  $2,450 

                 $    270,000                                  $2,525 

                 $    275,000                                  $2,600 

                 $    280,000                                  $2,675 

                 $    285,000                                  $2,750 

                 $    290,000                                  $2,825 

                 $    295,000                                  $2,900 

                 $    300,000                                  $2,975 

                 $    305,000                                  $3,050 

                 $    310,000                                  $3,125 

                 $    315,000                                  $3,200 

                 $    320,000                                  $3,275 

                 $    325,000                                  $3,350 

                 $    330,000                                  $3,425 

                 $    335,000                                  $3,500 

                 $    340,000                                  $3,575 

                 $    345,000                                  $3,650 

                 $    350,000                                  $3,725 

                 $    355,000                                  $3,800 

                 $    360,000                                  $3,875 

                 $    365,000                                  $3,950 

                 $    370,000                                  $4,025 

                 $    375,000                                  $4,100 

                 $    380,000                                  $4,175 

                 $    385,000                                  $4,250 

                 $    390,000                                  $4,325 

                 $    395,000                                  $4,400 

                 $    400,000                                  $4,475