Shankar  Vilanur

Shankar Vilanur

Broker

Real Biz Realty Inc

Mobile:
647-462-4724
Office:
416-385-0004
Email Me
Shankar  Vilanur

Shankar Vilanur

Broker

Real Biz Realty Inc

Mobile:
647-462-4724
Office:
416-385-0004
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.

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.

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As a Realtor® licensed in Toronto, Shankar provides Strategic Marketing and Transaction Management services to his clients across many GTA markets.
His business is built on: Dedication, Communication, Determination, & Trust while embodying the ability to cater and adapt to all of his client’s Real Estate needs. “Just as the Real Estate industry evolves to become more innovative and technical, so do I.”
A Toronto and GTA native for over 20 years, his knowledge of the city’s geography can assist you with all of your Residential Real Estate endeavors! In addition, he provides exceptional Real Estate services to ensure you feel confident with your decision to hire him.
Call me to get details on special offers and Investment properties. My network & negotiation skills will get you the right home at the best price.
First Time Home Buyers Tip: The first step is to get a credit report, then get pre-approved for a mortgage, then I will find you the perfect home within you budget! Fill in the contact form below to get started...

 

 



Specialty: Specialized in Residential and Condo Market.

Area Covered: GTA and Barrie

Languages Spoken: English, Hindi, Kannada, Malayalam, Tamil, Telugu