Land Transfer Tax

familylendingMortgage Talk Canada

How much is the land transfer tax in your province?

Canada mapEach province has a land transfer tax, with the exception of Alberta and Saskatchewan. Ontario, British Columbia, Prince Edward Island and the city of Toronto offer land transfer tax rebates for first-time homebuyers. Considering purchasing some property? Be sure to review land transfer taxes when completing your budget and considering your Canadian mortgage rate.

Ontario first-time homebuyer land transfer tax rebate

Equal to the full value of the land transfer tax up to a maximum of $2,000.

Eligibility

The buyer must be older than 18 years, occupy the home within nine months of purchase, and has not owned a home anywhere else the world.

Purchasing a home in Toronto incurs an additional municipal land transfer tax.

Toronto first-time homebuyer land transfer tax rebate

Eligible to receive a refund up to a maximum of $3,725.

Eligibility

The buyer must be older than 18 years, occupy the home within nine months of purchase, and has not owned a home anywhere in the world.

British Columbia first-time homebuyer land transfer tax rebate

First-time homebuyers and best mortgage rate holders are eligible to receive a full land transfer tax refund on homes purchased for $425,000 or less.

Eligibility

You are Canadian citizens or permanent residents, have never owned an interest in a principal residence anywhere in the world at anytime.

Alberta and Saskatchewan land title transfer fees

Though Alberta and Saskatchewan do not have a land transfer tax, there is a charge for title transfer fees. This fee should be considered when calculating your low mortgage rate and closing costs.

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