Toronto City Council approved a municipal land transfer tax that will be levied on top of the provincial land transfer tax.
The Toronto Land Transfer Tax became effective on February 1, 2008 and does not affect any City of Toronto property purchased prior to February 1, 2008. A buyer will only pay the standard Ontario government land transfer tax for any Toronto property purchase closed before February 1, 2008.
The Toronto Land Transfer Tax is calculated as follows:
0.5% of the amount of the purchase price up to $55,000.00
1.0% of the purchase price between $55,000.00 and $400,000.00
2.0% of the purchase price above $400,000.00 (for residential properties)
Land Tansfer Tax Calculator
If you have questions, contact the City of Toronto at Access Toronto at
416-338-0338.
