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Land Transfer Tax is an expense that is added to your
closing costs. If you are moving to Alberta, Saskatchewan or rural Nova Scotia you
will not have to pay these taxes.
Land Transfer Taxes are levied on property that changes
hands and are the responsibility of the purchaser. Depending on where you are moving
to, the tax can range from half a percent to two percent of the total value of the
property.
Many provinces have a multi-tiered system. For
instance if you buy a home for $300,000 in Québec, .5% is charged on the first $50,000,
1% is charged on the amount from $50,000 - $250,000 and 1.5% is charged on the amount from
$250,000 - $300,000. Your total taxation bill would be $3000.00.
The following is a list of Land Transfer
Taxes by province
British Columbia
Property Purchase Tax
Up to $200,000 x 1% of total property
value
From $200,000 and up x 2% of total property value
Manitoba
Land Transfer Tax
Up to $30,000 Not Applicable
From $30,000 to $90,000 x .5% of total property value
From $90,000 to $150,000 x 1% of total property value
From $150,000 and up x 1.5% of total property value
Nova Scotia
Land Transfer Tax
Halifax County Regional Municipality
.015% on total property value
Outside Halifax County
.005% on total property value or nothing
Ontario
Land Transfer Tax
Up to $55,000 x .5% of total property
value
From $55,000 to $250,000 x 1% of total property value
From $250,000 to $400,000 x 1.5% of total property value
From $400,000 and up x 2% of total property value
Québec
Transfer Tax
Up to $50,000 x .5% of total property
value
From $50,000 to $250,000 x 1% of total property value
From $250,000 and up x 1.5% of total property value |
