Ontario Land Transfer Tax
Anyone who has purchased a property knows that land transfer tax can be a confusing topic and calculating the amount you will owe can be difficult. The amount of land transfer tax that you will be required to pay is based upon the purchase price of your home but there are certain stipulations which is where a real estate lawyer can help.
The amount of land transfer tax that you are required to pay is based upon the purchase price of your property and it is tiered depending on the amount that you spend on your home. For the first fifty five thousand dollars you will be required to pay five dollars per thousand in land transfer tax. Any amount you spend above 55 thousand to two hundred and fifty thousand will be charged a land transfer tax rate of ten dollars per thousand with an additional fifteen dollars per thousand for each thousand over 250,000.
You should also be aware that there is an additional two percent land transfer tax due on any amount over four hundred thousand dollars. Dealing with the complicated land transfer tax formulas is enough of a reason to have a real estate lawyer who will calculate the amount owing for you, not even considering all of the extra work that they do on your behalf. You can find a local real estate lawyer in our free online directory located here.
