12
August
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Comments
in Real Estate
Land transfer tax is a provincial tax payable by the buyer of real property in Ontario. The amount is based on the value of the property.
There are some conveyances that may be exempt from land transfer tax, such as:
- Property transferred under a will.
- Property transferred between spouses, and
- Property transferred by way of a gift.
Below is a calculator designed to calculate the transfer tax that you will need to pay on your property. Remember if you are selling you do not need to pay this.
Although we have made this calculator as accurate as possible De Krupe Law is not responsible for the accuracy of this calculator and you should not fully rely on it, this calculator was designed to give you an idea of what your land transfer tax would be. Laws can change and so can tax percentages.
If your property is in Toronto, you will have to pay both the provincial land transfer tax and the Toronto land transfer tax.