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Ontario|Real Estate LawBuying A Home 396 Land Transfer Tax Land Transfer Tax is a provincial tax on real estate purchases, which is paid by buyers. For Canadian purchasers, the tax is calculated at $5 per $1000 of the first $55,000 of the purchase price, then $10 per $1000 from $55,000 to $250,000, and $15 per $1000 of the purchase price above $250,000. If the home is over $400,000, there is an additional 2% payable on the amount over $400,000. For example, the total land transfer tax payable by the purchaser of a $100,000 property would be $725, while the land transfer tax on a $300,000 property is $2,975. Land transfer tax is not payable by the seller. Your lawyer or your real estate agent can provide you with more information about land transfer tax.
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