 | |
 |
|
 |
 |
 |
|
 |
|
 |
|
 |
|
 |
|
 |
|
 |
|
 |
|
![[Royal LePage Real Estate Ltd.]](../images/logorlpbrown.gif) | |
| |
| Top of Page | |
Unless you live in Alberta, Saskatchewan, or rural Nova Scotia, land transfer taxes (or property purchase tax) are a basic fact of life. These taxes, levied on properties that are changing hands, are the responsibility of the purchaser. Depending on where you live, taxes can range from a half a per cent to two per cent of the total value of the property.
Many provinces have multi-tiered taxation systems that can prove complicated. If you purchase a property for $260,000 in Ontario, for example, .5% is charged on the first $55,000, 1% is charged on $55,000 - $250,000, while the $250,000 - $400,000 range is taxed at 1.5%. Your total tax bill? $2,375.00!
The following chart illustrates Land Transfer Taxes by province:
|
|
|
| Province | Purchase Amount | X total property value |
| ONTARIO Land Transfer Tax |
Up to $55,000 | .5% |
| From $55,000 to $250,000 | 1% | |
| From $250,000 to $400,000 | 1.5% | |
| From $400,000 and up | 2% | |
|
|
|
| BRITISH COLUMBIA Property Purchase Tax |
Up to $200,000 | 1% |
| From $200,000 and up | 2% | |
|
|
|
| MANITOBA Land Transfer Tax |
Up to $30,000 | N/A |
| From $30,000 to $90,000 | 0.5% | |
| From $90,000 to $150,000 | 1% | |
| From $150,000 and up | 1.5% | |
|
|
|
| NOVA SCOTIA Land Transfer Tax |
||
| Halifax County Regional Municipality | Total Price | .015% |
| Outside Halifax County | Total Price | .005% |
|
|
|
| QUEBEC Transfer Tax |
Up to $50,000 | .5% |
| From $50,000 to $250,000 | 1% | |
| From $250,000 and up | 1.5% |
What I want in my new home | The major elements of an offer | How to make an offer
Hire a legal professional | Home inspection | Homeowner's insurance
Land Transfer Taxes | Moving Tips | The Home Buyer's Glossary of Terms
Click here to see a map of the area.
E-mail Bob Ferguson | Privacy Statement | Site Map
Property Listings | Buying Property | Selling Property
Market Valuation | About Bob | Company Profile
Map of Norfolk County and surrounding communities | Local Area Information | Home
