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Purchasers of Oakville Ontario real estate must 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 a basic fact of life. These taxes, levied on properties that are changing hands, are the responsibility of the Buyer.
Ontario has a multi-tiered taxation system that can prove complicated. If you purchase a property for $260,000, for example, .5 per cent is charged on the first $55,000, 1 per cent is charged on $55,000 - $250,000, while the $250,000 - $400,000 range is taxed at 1.5 per cent. Your total tax bill? $2,375.00.
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The following chart illustrates Land Transfer Taxes in different regions. Compared to British Columbia, we have it easy here...
| ONTARIO |
Land Transfer Tax ( go to calculator )
Up to $55,000 X .5 % of total property value
From $55,000 to $250,000 X 1 % 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 |
| BRITISH COLUMBIA |
Property Purchase Tax
Up to $200,000 X 1 % of total property value
From $200,000 up X 2 % of total property value |
| MANITOBA |
Land Transfer Tax
Up to $30,000 N/A
From $30,000 to $90,000 X .5 % of total property value
From $90,000 to $150,000 X 1 % of total property value
From $150,000 up X 1.5 % of total property value |
| QUEBEC |
Transfer Tax
Up to $50,000 X .5 % of total property value
From $50,000 to $250,000 X 1 % of total property value
From $250,000 up X 1.5 % of total property value |
| NOVASCOTIA |
| Land Transfer Tax |
| Halifax Metro |
| 1.5 per cent on total property value |
| Outside Halifax County |
| Check with local municipality |
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