Land Transfer Tax Calculator 2020
Don’t let taxes catch you by surpriseWhat is land transfer tax?
When buying a home, many people overlook the significant cost of land transfer tax. When you acquire a property (and the land it rests on), you must pay a tax to the government after the transaction closes. The amount paid depends on the value of your property, but almost always forms the largest portion your closing costs.
Our calculator shows you how much you can expect to pay and why. If you are a first-time home buyer, we show you how much you can expect to save in government-sponsored rebates, reducing the impact of your land transfer fees.
Purchase Price
$ 500,000
| Total Tax | $ | 4,475.00 | |
|---|---|---|---|
| Provincial | $ | 6,475.00 | |
| Municipal | $ | 6,475.00 | |
| Speculation Tax | $ | 0.00 | |
| Rebate | $ | 8,475.00 |
Note: In addition to the tax calculated above, the city of Toronto levies an administration fee of $75 + HST.
Lower than the Major Banks
* For mortgages of at least $500,000 with down payment under 20%.
WOWA assumes no liability for the accuracy of information presented.
†For mortgages of at least $500,000 over a 25-year amortization period.
Provincial Land Transfer Tax Calculators
Ontario
British Columbia
Alberta
Manitoba
Saskatchewan
QuébecDetailed Breakdown
Toronto Land Transfer Tax
Toronto levies an additional land transfer tax equal in value to the Ontario land transfer tax. You will also need to pay an administration fee of $75 + HST. More information.
Toronto offers a land transfer tax refund of up to $4,475 for first-time home buyers. Since your municipal tax exceeds the rebate limit, your municipal rebate is capped at $4,475.
Ontario Land Transfer Tax
Ontario levies a land transfer tax by applying a tax-bracket system to your property’s purchase price. The full breakdown of your provincial land transfer tax is shown below.
| Tax Bracket | Marginal Tax Rate | Marginal Purchase Price | Marginal Tax | ||||
|---|---|---|---|---|---|---|---|
| First $55,00055k | 0.5% | × | $ | 55,00055k | = | $ | 275275 |
| $55,00055k to $250,000250k | 1.0% | × | $ | 195,000195k | = | $ | 1,9501.95k |
| $250,000250k to $400,000400k | 1.5% | × | $ | 150,000150k | = | $ | 2,2502.25k |
| $400,000400k to $2,000,0002.00m | 2.0% | × | $ | 100,000100k | = | $ | 2,0002.00k |
| Over $2,000,0002.00m | 2.5% | × | $ | 00 | = | $ | 00 |
| Total Tax | $ | 6,4756.48k | |||||
Ontario offers a land transfer tax refund of up to $4,000 for first-time home buyers.Since your provincial tax exceeds the rebate limit, your provincial rebate is capped at $4,000.
Land Transfer Taxes for Other Provinces
New Brunswick
New Brunswick charges a land transfer tax equal to 1% of your purchase price.
Nova Scotia
Nova Scotia does not charge a provincial land transfer tax outside of Halifax. Specific cities may charge a land transfer tax, generally around 1%.
Newfoundland and Labrador
Newfoundland and Labrador charges a land transfer tax of $100, plus 40 cents for every $100 of purchase price over $500 (rounded down).
Prince Edward Island
Prince Edward Island charges a land transfer tax equal to 1% of your purchase price. You are exempt from the tax if:
- Your asking price is below $30,000, or
- you are a first-time home buyer and your asking price is below $200,000.
Alberta
Alberta does not charge a land transfer tax. However, you will be charged a property registration fee.
The property registration fee has two components:
- Property Value Component: $50, plus $1 for every $5,000 of purchase price (rounded up).
- Mortgage Component: $50, plus $1 for every $5,000 of your mortgage amount (rounded up).
Your total registration fee is the sum of the two fees above. In our calculations, we assume a 20% downpayment.
Saskatchewan
Saskatchewan charges a land transfer tax equal to 0.3% of your purchase price. Exceptions apply if your property is worth $8,800 or less.
Frequently Asked Questions
Am I a first-time home-buyer?
Each province has their own definitions of a First-Time Home Buyer. Generally:
- You must be at least 18 years of age.
- You must be a Canadian citizen or permanent resident.
- You must occupy the property as your principal residence.
- You cannot have owned a home, or a stake in a home, anywhere in the world, at any time.
- Your spouse/common-law partner cannot have owned a home while they were your partner.
How do I claim the refund?
You may claim an immediate refund (or exemption from the tax) at the time of registration.
I did not claim a rebate at the time of registration. Am I still eligible?
Yes. You may have up to an 18 month period after the registration of your new home to apply for a refund.
Can I get a rebate if I am not a citizen or permanent resident of Canada?
Yes, in certain cases. After the purchase of a property, you have an 18-month window following registration to obtain a rebate. If you gain citizenship or permanent residency during this period, you can claim the full rebate amount.
What is land speculation tax?
The Non-Resident Speculation Tax (NRST), also known as land speculation tax, is a 15% tax on residential property in areas near Toronto.
The tax only applies to individuals who are not citizens or permanent residents of Canada. The specific region involved is known as the Greater Golden Horseshoe region, shown below.
For more information, visit our Land Transfer Tax CalculatorLand Transfer Tax Calculator.
* Rates shown are on approved credit and subject to change without notice.