Land Transfer Tax Calculator
Land Transfer Calculator
Tax Rates1
Purchase Price of Home | Marginal Tax Rate | |||
---|---|---|---|---|
First $55,000 | 0.5% | |||
On $55,000 to $250,000 | 1.0% | |||
On $250,001 to $400,000 | 1.5% | |||
On $400,001 to $2,000,000 | 2.0% | |||
Over $2,000,000 | 2.5% |
Eligibility
- The buyer must be older than 18 years
- The buyer must occupy the home within nine months of purchase
- The buyer cannot have owned a home anywhere in the world
- The buyer’s spouse cannot have owned a home while being your spouse
- If you are purchasing a new home, it must be eligible for home warranty
Based on Ontario land transfer tax rates, the rebate will cover the fully taxed amount on houses up to $227,500. For houses over $227,500, homebuyers will receive the maximum $4,000 rebate. To obtain this refund, you need to apply within 18 months after the purchase of the home.
Watch the video to see how land transfer tax is calculated in Ontario
Ontario first-time homebuyer land transfer tax rebate2
The Ontario land transfer tax rebate is equal to the full value of the land transfer tax up to a maximum of $4,000