Q: What is a Land Transfer Tax? How is it calculated? Who pays it, the buyer or the seller?
A: The Land Transfer Tax is the tax the purchasers pay to the Province of Ontario on their deed, the rate of tax is based on the purchase price of the home.
Under $250,000: Purchase price x 1% less $275
Over $250,000: Purchase price x 1.5% less $1,525
Over $400,000: Purchase price x 2% less $3,525
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