Teresa  Vu

Teresa Vu

Sales Representative, MCNE, CLHMS & Million Dollar Guild

RE/MAX Realtron Realty, Inc. Brokerage*

Mobile:
416-294-4745
Office:
905-898-1211
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.

 

Teresa Vu

I have lived in Toronto and GTA, Vaughan in York Region, and now in Simcoe Region for a combined 40 years. I have lived in Montreal Quebec, Calgary Alberta and then Vancouver British Columbia, and have resided in the Province of Ontario since 1985. I have been working since I was 16. I have high energy and I am very driven. I can multitask. I am a very good problem solver. I take my job very seriously. I have a 99% success rate meaning when I list a property and we follow the game plan, the house always sells. I am have my MCNE designation along with multiple Remax Awards and Achievements; and I have closed over 1400 deals so far; you will have a very experienced, dedicated, and strong Realtor representing you if you hire me. My best advice when preparing to sell or buy a property or rent a property, you should interview at least 3 Realtors before you begin. You can get some free advice from all 3 Realtors. Just plan it out right. The onus will always be on you and especially if things go wrong, you may regret not doing your research and planning first. We would love your business. Please call/text me at 416-294-4745.

Email: teresa@teresavu.com

www.teresavu.com

 

 

 



Designation: MCNE, CLHMS & Million Dollar Guild

Education: Ryerson University Toronto 1994 - 1996 University of Toronto 1997 St. Josephs College Diploma, Bay St & Wellesley Class of '93. Real Estate Institute, Master Certified Negotiation Expert MCNE & CNE

Speciality: - Excellent Problem Solver - Master Certified Negotiating Expert - Staging & Renovations sister company - Certified Luxury Homes Marketing Specialist

Experience: 21 years

Awards: www.remax.ca

Area Covered: We cover anywhere in Ontario but especially TORONTO REGION, YORK REGION AND SIMCOE REGION.

Languages Spoken: English, Vietnamese



Have Questions?