Mortgage Glossary

Land Transfer Tax

Land transfer tax is a tax all home purchasers or persons transferring title of a property in their name in Ontario must pay as part of their closing costs, to the provincial government and municipal government, if purchasing in Toronto.

Land transfer tax is required to be paid by the home buyer or person transferring title in their name, and is calculated based on the purchase price of the property.

If purchase a property in Ontario, there is a provincial land transfer tax that is to be paid, and only when purchasing a property in Toronto, a municipal land transfer tax is to be paid.

As a first time home buyer in Ontario, there is eligibility to receive an instant rebate on the land transfer tax, both for the provincial land transfer tax and municipal land transfer tax in Toronto.

Use the land transfer tax calculator to calculate Ontario Land Transfer tax, Toronto Land Transfer Tax, and first time home buyer’s rebate.