Omar  Ibrahim

Omar Ibrahim

Broker

RE/MAX Ultimate Realty Inc., Brokerage *

Mobile:
416-839-6627
Office:
416-487-5131
Email Me
Omar  Ibrahim

Omar Ibrahim

Broker

RE/MAX Ultimate Realty Inc., Brokerage *

Mobile:
416-839-6627
Office:
416-487-5131
Email Me

Land Transfer Tax Details

Land Transfer Tax

Purchasers in most large Canadian cities can add Land Transfer Taxes to their list of closing costs. Unless you live in Alberta, Saskatchewan, or rural Nova Scotia, land transfer taxes (or property purchase tax) are part of the deal. These taxes, levied on properties that are changing hands, are the responsibility of the purchaser. Depending on where you live, taxes can range from half of a percent to two percent of the total purchase price.

Many provinces have multi-tiered taxation systems that can be complicated.
For example, if you purchase a property for $300,000 in Ontario, 0.5% is charged on the first $55,000, 1% is charged on $55,000 - $250,000, while the $250,000 - $400,000 range is taxed at 1.5%. Your total tax bill? $2,975.00.

The following chart illustrates Land Transfer Taxes by province.

ONTARIO
Land Transfer Tax (go to calculator)
Up to $55,000 X 0.5% of total purchase price
From $55,000 to $250,000 X 1% of total purchase price
From $250,000 to $400,000 X 1.5% of total purchase price
From $400,000 up X 2% of total purchase price
BRITISH COLUMBIA
Property Purchase Tax
Up to $200,000 X 1% of total purchase price
From $200,000 up X 2% of total purchase price
MANITOBA
Land Transfer Tax
Up to $30,000 N/A
From $30,000 to $90,000 X 0.5% of total purchase price
From $90,000 to $150,000 X 1% of total purchase price
From $150,000 up X 1.5% of total purchase price
QUEBEC
Transfer Tax
Up to $50,000 X 0.5% of total purchase price
From $50,000 to $250,000 X 1% of total purchase price
From $250,000 up X 1.5% of total purchase price
Halifax Metro
1.5% on total purchase price
Outside HalifaxCounty
Check with local municipality.

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416-839-6627

  

416-487-5131

  

Who Am I And What Sets Me Apart?



Born In Toronto, University Educated. I Am A Licensed Real Estate Broker And Home Renovation Specialist. In 1979, When I Was 5 Years Old I Helped Build My Late Uncle's Chicken Coop In Newmarket ON. It Was The First Time That I Ever Held A Hammer And Nails. I Enjoyed Building Something From Nothing. In 1998, I Bought My First Property In Toronto, I Fixed It Up, And I Resold It. Since 2002, I've Flipped Multiple Properties In Toronto's Beaches, Riverdale, Wychwood, And Leslieville Communities To Name Just A Few. My Background Allows Me To Improve And Highlight Areas Of Any Home That Would Typically Get A Homeowner More Money In Their Pocket When Selling. I'm Fully Engaged With Every Aspect Of A House From The Foundation To The Roof. I Consider Myself To Be A Highly Skilled Tradesman And An Equally Diligent, Educated REALTOR Broker. Today, I Take Pride With My Team And Through Partnerships, Help Our Clients Buy, Renovate/Build New (All Hands On Deck), And Sell Properties Throughout Southern Ontario.