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Nick Boothby's Land Transfer Tax Calculator

What is Land Transfer Tax?

Land Transfer Tax is a tax payable by the purchaser on the amount paid for the new home. This applies if the home was sold at fair market value as occurs in a normal sale.

The Ontario Ministry of Finance defines Land Transfer Tax as follows:

"Land transfer tax is imposed on the acquisition of an interest in land by registered conveyance or unregistered disposition. Every person obtaining an interest in land is liable to land transfer tax. The tax is calculated on the value of the consideration for the transfer. In certain circumstances the Land Transfer Tax Act (Act) deems the value of the consideration to be the fair market value of the land. The Act defines land to include the land itself, buildings, estates, options, leasehold interests and fixtures."

Refund?

First-time homebuyers may be entitled to a refund of Ontario's land transfer tax, up to a maximum of $2,000. This refund is usually claimed at the time of registration. If not, the refund may be claimed directly from the Ministry of Revenue.

How Much?

Use this handy Land Transfer Tax calculator to help you estimate your closing costs,
Do Not use commas when entering amounts. This calculator is intended for residential use, not commercial. This calculator is intended for general information and is not intended to replace expert advice.

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