The Ontario Land Transfer Tax (LTT) is a provincial tax paid when purchasing property or land in Ontario. It is calculated based on the purchase price of the property.
Land Transfer Tax Act (RSO 1990, c. L.6)The provincial LTT is 0.5% on the first $55,000, 1% on the portion from $55,001 to $250,000, 1.5% from $250,001 to $400,000, 2% from $400,001 to $2,000,000, and 2.5% on amounts above $2,000,000.
Land Transfer Tax Act, s. 2(1)First-time home buyers may be eligible for a rebate of up to $4,000 on the provincial land transfer tax, effectively eliminating the tax on the first $368,000 of a home purchase.
Land Transfer Tax Act, s. 9.1Properties in the City of Toronto are subject to an additional Municipal Land Transfer Tax (MLTT) with rates that mirror the provincial brackets. First-time buyers in Toronto may receive an additional rebate of up to $4,475.
Toronto Municipal Code, Chapter 760A 25% Non-Resident Speculation Tax (NRST) applies province-wide to the purchase of residential property by foreign nationals, foreign corporations, and taxable trustees. Properties in Toronto are subject to an additional 10% Municipal NRST.
Land Transfer Tax Act, Part II.1