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Approved Toronto Land Transfer Tax


Details of Approved Toronto Land Transfer Tax

Land Transfer Tax Calculator

Toronto city council has approved a municipal land transfer tax that wil be levied on top of the proviincial land transfer tax.  TREB worked very had to oppose this tax and commends the efforts of REALTORS on this issue.  TREB took a strong positionk to oppose this tax as unfair in principle and refused to compromise.  AS a direct result of this strong position, City Council was forced to make a number of amendments to the City's original proposal, including rebates for first-time buyers, a reduced tate, and grandfathering for existing transactions.

What was approved by City Council?

A second land transfer tax, on top of the provincial land transfer tax, at the follwing rates:

 


Residential:

  • .05% of the amount of the purchase price up to and including $55,000
  • 1% of amount of the purchase price between $55,000 and $400,000
  • 2% of the amount of the purchase price above $400,000

 

 

Commercial/Industrial

  • 0.5% of the amount of the purchase price up to and including $55,000
  • 1% of the amount of the purchase price between $55,000 & $400,000
  • 1.5% of the amount of the purchase price between $400,000 & $40 Million
  • 1% of the amount above $40 Million

When does this take effect? February 1, 2008

 

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