When you are buying your home in Ontario, a major part of your closing costs will consist of land transfer tax.

If you want a place to call home in city of Toronto, you will have another tax to pay on top of the provincial tax…

Below you will find a breakdown of the tax, and a tax calculator to help you figure out your how much to expect, so you can budget your purchase, and not end up with any surprises.

Ontario Land Transfer Tax

0.5% on the first $55,000
1.0% on amount between $55,000 – $250,000
1.5% on balance over $250,000
2.0% on amount over $400,000
Qualifying first time buyers receive up to a $2000 credit

Toronto Land Transfer Tax
0.5% on the first $55,000
1.0% on amount between $55,000 – $400,000
2.0% on amount over $400,000
First time buyers are exempt on the first $400,000, which translates to a rebate of up to $3,725.