Land Transfer Tax Calculator
What is a land transfer tax?
Land transfer tax is an often forgotten about cost when it comes to homeownership. No matter if you are buying a home for the first time or buying your third or fourth home, land transfer tax is always a cost you have to consider. Land transfer tax is provincially-based, except for the single exception of Toronto, which also has a municipal land transfer tax. This guide will help you calculate your tax with our land transfer tax calculator and understand the specific information you will need to know about your home province and real estate closing costs.
How do I use your land transfer tax calculator?
Our land transfer tax calculator is easy to use and will ensure that you get the best idea of the costs that will happen during closing. You will need a few pieces of information. First, you will need the asking price of your property. Unlike other taxes or costs, land transfer tax rates are based on the sale price, not the appraised price. You will also need to know the province and city you will be buying in, as the total land transfer tax is based on the region, not nationally. Finally, if you are a first time home buyer, you should note this as first time home buyers have access to a rebate on their first home.
Should I use the purchase price or the appraised value in the land transfer tax calculator?
When trying to figure out if you should use the purchase price or appraised value, you should always use your home or condo’s purchase price. The reason for this is that this tax is based on the full asking price of a home or condo. Your home’s property value may come into play for your property taxes, or other costs, but this tax is all about the purchase price. If you are not sure how much your home’s asking price is, you can use the rough budget you think you will end up paying at the end of your real estate journey.
How much is the land transfer tax by province?
Below you will find a land transfer tax provincial breakdown, and we do include Toronto specifically due to the municipal land transfer tax in the city. Remember, this is current up to March 2021. Tax rates may change, and we will do our best to ensure this calculator is kept up to date as an evergreen tool for future use.
Land Transfer Tax Ontario
Ontario land transfer tax, much like every other province in this great country, has a province-wide LTT. This tax was last updated in 2017, and the province added the two million dollar tax bracket. However, the lower price brackets’ marginal rates and cutoffs did not get touched by the then Liberal-led government.
It should be noted that the greater golden horseshoe region also has a non-resident speculation tax that has been added on. This tax is equal to 15% and is on addition to the Ontario land transfer tax. This tax is designed to limit overseas purchasing of homes from anywhere in the world, and is not designed to hurt a Canadian citizen or permanent resident. A similar tax has also been instituted in Vancouver.
How much is land transfer tax in Ontario?
The Ontario land transfer taxes are calculated on the purchase price of the home or condo. It is a marginalized tax, which means that the larger the purchase price, the larger the tax bill at close.
| Purchase Price | Land Transfer Tax |
|---|---|
| On the first $55,000 | 0.5% |
| Between $55,000.01 to $250,000 | 1.0% |
| Between $250,000.01 to $400,000 | 1.5% |
| Between $400,000.01 to $2,000,000 | 2.0% |
| Anything over $2,000,000 | 2.5% |
How much is land transfer tax in Toronto?
Within the City of Toronto, people looking to get into the Toronto real estate market also have to pay an additional Toronto land transfer tax. This municipal tax is limited to the geographic area of the following: to the north, Steeles Avenue, to the west, Etobicoke, to the east, Scarborough and the south, Lake Ontario. If you are looking to buy in this area, be prepared to pay the following additional tax on top of your Ontario land transfer tax.
| Purchase Price | Land Transfer Tax |
|---|---|
| On the first $55,000 | 0.5% |
| Between $55,000.01 to $250,000 | 1.0% |
| Between $250,000.01 to $400,000 | 1.5% |
| Between $400,000.01 to $2,000,000 | 2.0% |
| Anything over $2,000,000 | 2.5% |
Who is exempt from land transfer tax in Ontario?
Unfortunately, no one is exempt from the LTT. A first time home buyer is eligible for a rebate of up to $4,475. It is called a first time home buyer land transfer tax rebate! To qualify for the refund, you must meet the following criteria.
- The buyer must be a Canadian Citizen or permanent resident of Canada
- The buyer must be over the age of 18
- The buyer must occupy the home within nine months of the day of purchase
- The buyer must not have owned a home anywhere else in the world
- The buyer's spouse cannot have owned another home while being with a previous partner or spouse
Land Transfer Tax British Columbia
If you are looking to get into real estate in the Province of British Columbia, you will also need to pay their provincial land transfer tax which is called a transfer tax or transfer fee. This tax is a marginal tax, just like Ontario, and the province also offers first time home buyers the opportunity to qualify for a rebate. All real estate sales are required to pay this provincial land transfer tax.
| Purchase Price | Land Transfer Tax |
|---|---|
| On the first $200,000 | 1.0% |
| From $200,000.01 to $2,000,000 | 2.0% |
| Over $2,000,000 | 3.0% |
| Over $3,000,000 | 3.0% + additional 2.0% |
British Columbia also has a rebate program that provides home buyers with a full land tax refund for homes up to $500,000 and a partial refund for homes up $525,000. To see specifics on this refund, please visit here.
Alberta Land Title Transfer Fees
Alberta, the free-range province that it is, does not have a land transfer tax. It does, however, have a Transfer of Land registration fee and a mortgage registration fee. The land transfer fee is based on the property’s fair market value, while the mortgage registration fee is based on your mortgage amount.
Both fees have a base cost of $50. The land transfer fee is $2 per every $5,000, and the mortgage fee is $1.50 per every $5,000.
Saskatchewan Land Title Transfer Fees
Like Alberta, Saskatchewan also does not have a land transfer tax. However, they have a land title fee and a $160 fee to register a new mortgage within the province. The land title fee is as follows:
| Purchase Price | Land Title Fee |
|---|---|
| between $0 and $500 | $0 |
| between $501 and $8,400 | $25 |
| over $8,401 | 0.30% of property value |
Land Transfer Tax Manitoba
Manitoba has a progressive land transfer tax that is based on the purchase price of a property. There is no rebate currently for Manitoba real estate purchases. The current LTT rates are as follows:
| Property Value | Land Transfer Tax |
|---|---|
| first $30,000 | no tax |
| From $30,001, to $90,000 | 0.5% |
| From $90,001 to $150,000 | 1.0% |
| From $150,001 to $200,000 | 1.5% |
| Anything over $200,000 | 2.0% |
Land Transfer Tax Quebec
Quebec LTT is a separate but necessary tax payable for all Quebec residents besides those residing in Montreal. The base amount, otherwise known as the property’s value, is the one used for the calculation. The base amount is whatever is between the property’s purchase price, the amount listed on the deed of the sale or the property’s market value based on comparative factors. Once the base amount is calculated, the tax is as follows:
| Property Value | Land Transfer Tax |
|---|---|
| first $50,000 | 0.5% |
| From $50,001 to $250,000 | 1.0% |
| Anything over $250,000 | 1.5% |
Montreal Land Transfer Tax
Montreal is unique in this instance. Instead of the Quebec rates, homes in Montreal have their own LTT. The base amount is calculated the same as other Quebec homes, but the tax rates have two more brackets. Here are the current tax rates for homes sold within the City of Montreal:
| Property Value | Land Transfer Tax |
|---|---|
| On the first $50,000 | 0.5% |
| From $50,001 to $250,000 | 1.0% |
| From $250,001 to $500,000 | 1.5% |
| From $500,001 to $999,999 | 2.0% |
| On any amount over $1,000,000 | 2.5% |
New Brunswick Real Property Transfer Tax Act
New Brunswick makes LTT simple and easy for any home buyer in the province. The province has a flat 1.0% LTT on the assessed value of the home. That simple.
Prince Edward Island Land Transfer Tax
Much like their neighbours, Prince Edward Island makes things pretty simple for their buyers as well. Their LTT, which is called the Real Property Transfer Tax, is also 1.0% of either the purchase price or the property value, whichever is greater. As well, if the property value is less than $30,000, there is no tax charged.
PEI first time homebuyer land transfer tax rebate
For first-time home buyers, PEI provides a full refund of the tax if the property value is less than $200,000 and the home is a primary residence for the buyers. One caveat is that if more than one person is purchasing the house, both purchasers must qualify as first time home buyers to get the refund.
Nova Scotia Land Transfer Tax
Known as the Deeds Transfer Tax, each municipality in Nova Scotia sets its land transfer tax. Generally, they range between 0.5% and 1.5% depending on the area. You can check out the entire Nova Scotia land transfer tax tables here.
Northwest Territories Land Transfer Tax
The LTT in the Northwest Territories is based as a percentage of the property value and mortgage amount. It is laid out as follows:
$1.50 for every $1,000 and there is a minimum charge of $100.
For properties values greater than $1,000,000, the charge is $1 for every $1,000.
As well, if you have a mortgage, the cost is $1 for every $5,000 of the loan and there is a minimum charge of $80.
Newfoundland Registration of Deeds Act
Known as the Registration of Deeds Act, the province levies their LTT on the property value or the mortgage. The fees are as follows:
For properties or mortgages under $500, there is a flat fee of $100.
For properties that exceed $500, there is a flat fee of $100 and a fee of $0.40 for every hundred dollars over $500.
Yukon Territory Land Titles Act
Yukon’s LTT is a little different from the other provinces and territories as it has three fees that could be applicable.
The Assurance Fee-only comes into play if the purchase price is greater than the deed’s last transfer value. If this is the case, the fees are as follows:
$20 for the first $10,000 of additional value
$10 for each additional $10,000
Next, the transfer fee is a flat rate that will depend on the property value. That fee is as follows:
Less than $100,000 is $50
More than $100,000 but less than $500,000 is $150
More than $500,000 but less than $3,000,000 is $350
More than $3,000,000 but less than $10,000,000 is $550
More than $10,000,000 is $750
Finally, the mortgage fee is also a flat fee that will depend on the amount of the loan itself. The fees are as follows:
Less than $100,000 is $50
More than $100,000 but less than $500,000 is $100
More than $500,000 but less than $1,000,000 is $200
More than $1,000,000 but less than $5,000,000 is $400
More than $5,000,000 but less than $10,000,000 is $600
More than $10,000,000 but less than $20,000,000 is $800
More than $20,000,000 is $1,000
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