Property Transfer Tax

Man and house (clipping path included)Anytime a property is sold, there is land transfer tax to be paid (except Alberta in which it is a property registration fee). These fees are paid by the buyer of the property. Keeping this in mind, all buyers must budget accordingly. This means that on top of having your down-payment saved up, you also need to have 1.5% of the purchase price saved up as closing costs. All banks verify that you do have 1.5% closing costs on top of your down-payment, and these closing costs represent lawyer/notary fees for transferring the property into your name, as well as the land transfer tax.

Every province has a different way of calculating land transfer tax, which ranges from high and low. Two provinces that have differing land transfer tax within are Quebec and Ontario, the rest of the provinces use one method for calculating land transfer tax across the board

Quebec

To start off, Quebec has one calculation for their “taxe de bienvenue / welcome tax” throughout the province of Quebec excluding Montreal. As well as a different way of calculation for Montreal. These calculations are always calculated based on the greater of either the purchase price or the municipal assessment of the property.

If in Quebec, the taxe de bienvenue / welcome tax is calculated based on:

0.50% on the first $50,000 in value ( $0 – $50,000)

1.00% on the next $200,000 in value ( $50,001 – $250,000)

And 1.50% on the amount above $250,000

Example:

If a home is purchased at $300,000 and municipal evaluation is $250,000, then the taxe de bienvenue / welcome tax will be calculated on the purchase price since it is the higher value.

If in Montreal, the taxe de bienvenue / welcome tax is calculated based on:

0.50% on the first $50,000 in value ( $0 – $50,000)

1.00% on the next $200,000 in value ( $50,001 – $250,000)

1.50% on the next $250,000 in value ( $250,001 – $500,000)

2.00% on the next $500,000 in value ( $500,000 – $1,000,000)

And 2.50% on the amount above $1,000,000

Source of this information can be viewed at:

http://ville.montreal.qc.ca/portal/page?_pageid=44,80257&_dad=portal&_schema=PORTAL

To calculate Quebec and/or Montreal transfer tax or any other Canadian province, please use our Property Transfer Tax Calculator

Ontario

Then we get to Ontario which charges provincial transfer tax when you live in Ontario, as well as municipal and provincial transfer tax when you live in the city of Toronto.

Keep in mind that you are subject to the additional municipal transfer tax of the city of Toronto, if you are within the boundaries of Steeles Avenue to the North, Scarborough to the East, Etobicoke to the West, and Lake Ontario to the South.

First Time home buyers

Good news! If you are a first time home buyer, Ontario, City of Toronto, British Columbia, and Prince Edward Island all offer you rebates on their land transfer tax.

Ontario land transfer tax rebate for first time home buyers requires you to meet a few criteria in order to be eligible, these criteria are as follows:

* The buyer must be at least 18 or older

* The buyer must live in the home within nine months after purchase of the property

* The buyer must not have ever owned a home anywhere in the world

* The buyer’s spouse equally cannot have owned a home anywhere in the world while being your spouse

* If you are purchasing a new construction, it must be covered by the new home warranty

Source of this information can be viewed at:

http://www.rev.gov.on.ca/en/refund/newhome/index.html

Please note that the rebate shall make you completely exempt from paying property transfer tax, as long as you are purchasing a property below $227,500. If the value is above this, then your rebate shall be $2000 off of your land transfer tax

City of Toronto land transfer tax rebate

This rebate for first time buyers also requires you to meet the exact same criteria as the rest of Ontario, which is:

* The buyer must be at least 18 or older

* The buyer must live in the home within nine months after purchase of the property

* The buyer must not have ever owned a home anywhere in the world

* The buyer’s spouse equally cannot have owned a home anywhere in the world while being your spouse

* If you are purchasing a new construction, it must be covered by the new home warranty

Please note, if purchasing a home in Toronto, on top of paying provincial land transfer tax, you must also pay municipal land transfer tax. Therefore, the Ontario and Toronto tax rebates are both applicable towards the purchase of a home in Toronto. What this means is that if purchasing a home with value of $227,500 or less, you are completely exempt from paying both provincial and municipal property transfer tax. If purchasing a home of $400,000  or less, you get a $2000 rebate off of provincial transfer tax and a complete rebate off of municipal transfer tax. If purchasing a home above $400,000, then you receive a $2,000 rebate off of provincial transfer tax and a $3,725 rebate off of municipal transfer tax.

Feel free to use our Property Transfer Tax Calculator in order to crunch these numbers!

British Columbia land transfer tax rebate

First time home buyers can receive a full rebate on their land transfer tax, if the purchase price of their home is $425,000 or less. If between $425,000 and $450,000 than you would be eligible for a partial refund. If above $450,000, there shall be no rebate on the land transfer tax.

This rebate for first time home buyers requires you to meet a few criteria in order to be eligible. These criteria are as follows:

* the buyer(s) must be Canadian Citizen(s) or permanent resident(s)

* the buyer(s) must have lived in British Columbia for 12 consecutive months before having registered the home or have atleast filed 2 income tax returns in the last 6 years as a resident of British Columbia

* the buyer(s) must have never owned any interest in a principal residence anywhere around the world

*  the buyer(s) must have never received a first time homebuyers refund or exemption

Keep in mind that if only one buyer meets these criteria, than only that buyer will be eligible for the rebate in concordance to their percentage of interest in the property.

The property must also meet some criteria:

* it must be your principal residence

* its fair market value must be maximum $425,000

* the size of the land must not be bigger than 1.24 acres

For a partial rebate:

* the fair market value must be between $425,000 and $450,000

* if the property is larger than 1.24 acres

* has the principal residence on the land as well as another building

Source of this information can be viewed at:

http://www2.gov.bc.ca/gov/topic.page?id=BBD16E2D7C1841A7BBD420E3AC5380F1

To calculate these land transfer taxes, feel free to use our Property Transfer Tax Calculator

Prince Edward Island land transfer tax rebate

First time homebuyers qualify for a rebate on the “Real Property Transfer Tax” as long as all buyers are first time homebuyers.

* the home must be $200,000 or less

* the home must be used as the primary residence

Please note, there is no rebate for purchases above $200,000, in which case 1% of the purchase price will be charged.

To calculate Prince Edward Island transfer tax or any other Canadian province, please use our Property Transfer Tax Calculator

Source of this information can be viewed at:

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