Did you know?
That if you purchase a property in Toronto you pay 2 taxes Ontario Tax and Toronto tax?
If you purchase a house outside Toronto you pay only Ontario Land Transfer Tax
Example
For a property of $500,000 you pay $12200 in taxes if the property is located in Toronto or $6475 if the property is located outside Toronto York Region for example.
That if you purchase a property in Toronto you pay 2 taxes Ontario Tax and Toronto tax?
If you purchase a house outside Toronto you pay only Ontario Land Transfer Tax
Example
For a property of $500,000 you pay $12200 in taxes if the property is located in Toronto or $6475 if the property is located outside Toronto York Region for example.
Ontario Land Transfer Tax
0.5% - first $55,000
1.0% - between $55,000 - $250,000
1.5% - over $250,000
2.0% - over $400,000
Qualifying first time home buyers receive a $4000 credit
Toronto Land Transfer Tax
0.5% - first $55,000
1.0% - between $55,000 - $400,000
2.0% - over $400,000
First time buyers are exempt on the first $400,000
