All purchasers of residential property in Ontario pay the Land Transfer Tax at the time of purchasing the property. On the closing day, when the deed of the new home is transferred to your name, your Real Estate Lawyer arranges for payment of appropriate PropertyTransfer Taxes.
Unless exempt under the Act, the Property Transfer tax is payable on all unregistered dispositions of beneficial interests in land including every conveyance of land presented for registration. Land includes buildings, lands, structures under construction, fully constructed structures, fixtures, and any interest in them.
To calculate Land Transfer tax, the value of consideration includes the purchase price, all outstanding liabilities, benefits conferred, and all costs of upgrades. To know more about the Property Transfer Tax for Ontario, click here.
Land Transfer Tax – Ontario Refund Rules for First‑Time Homebuyers
The Land transfer tax is applicable for land conveyances in Ontario. First‑time homebuyers may be eligible for full or partial refunds of the tax payable. Click here to know more.
Municipal Land Transfer Tax -City of Toronto
Municipal Property Transfer Tax is charged on all properties purchased in the City of Toronto after February 1, 2008. City of Toronto’s Property transfer tax becomes payable if the purchased property is in the City of Toronto. Please click here to know more.
Harmonized Sales Tax
Newly constructed and renovated homes are subject to the Harmonized Sales Tax (HST). Resale properties are exempt from payment of Harmonized Sales Tax. New home buyers can receive a rebate of a certain portion of the HST if the intended property usage is for a primary residence or for rental purposes, Click here to know more.
How We Can Help
At Nanda & Associate Lawyers, our experienced Real Estate lawyers understand your specific circumstances and provide tailored and customized solutions for each of them.
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