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Land transfer tax calculator
Land transfer tax, or property tax, is a tax on the purchase of a property. The tax amount varies and is based on where the property is located and its value. If you’re a first-time buyer, you may be eligible for a refund or a reduced payment on your land transfer tax. The tax is sometimes tiered, requiring you to pay a certain percentage up to a particular purchase price and then a greater percentage on a certain amount on top of that. To compute your property tax, the province and the property’s asking price. If either of the two options in the boxes below apply to you, check them off as well.
About the Land Transfer Tax Calculator
A property purchase invokes many costs, including a land transfer tax. The tax is based on the selling price of the asset and is applied by your provincial government.
The rules and regulations for land transfer tax differ from province to province. In Toronto, you also need to pay a municipal equivalent of a land transfer tax appended to the provincially-determined amount. First-time buyers in Ontario, British Columbia, Prince Edward Island, and Toronto may be entitled to a tax rebate.
Our Land Transfer Tax Calculator will help you determine how much tax you need to pay with your property purchase. Select your city and province from the lists and enter your selling price to find out the land transfer tax for your location.
Your mortgage agent or an accountant can provide you with more information about the land transfer tax in your area. Make sure to discuss payments, time frames, and other information related to your real estate purchase transaction.