LAND TRANSFER TAX
What’s up with it and how does it affect ME?
As you all may have heard, the Municipal government introduced a land transfer tax, payable by home-buyers, in late 2007. This was on top of the existing Provincial Land Transfer Tax, and the Municipal tax is exactly the same amount. In other words, the Municipal LTT doubles the provincial one.
However, if you are a first time buyer, there is some good news. You are entitled to certain rebates of the LTT. Check out the table below for an idea of the cost.
Your $250K home........$2225 Ont LTT……….$2225 Toronto LTT
Your $300K home……..$2725 Ont LTT……….$2725 Toronto LTT
Your $350K home……..$3225 Ont LTT……….$3225 Toronto LTT
Your $400K home……..$3725 Ont LTT……….$3725 Toronto LTT
Your $450K home……..$4725 Ont LTT……….$4725 Toronto LTT
Your $500K home……..$5725 Ont LTT……….$5825 Toronto LTT
Your $550K home……..$6725 Ont LTT……….$6725 Toronto LTT
I greatly value your referrals.
Call today with your real-estate related questions or concerns!
Lindsay K.
416-809-6245
