What is land transfer tax?
Are you prepared to pay land transfer tax? Find out what it means for you as a home buyer.
Why are mortgages so expensive in Canada?
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Ratehub.ca
Land transfer tax—or land transfer fees in Alberta, Saskatchewan and the three territories—is paid by a home buyer as part of closing costs for real estate. The amount is typically based on the selling price and is paid to the province or territory where the property is located. If you buy a home in Toronto or Montreal, you’ll have to pay municipal land transfer tax as well.
Canadians have opportunities to save on land transfer tax, but it depends on where you buy the property.
Example: “Jamal’s real estate agent told him that as a first-time home buyer in Ontario, he was eligible for a provincial rebate program that would reduce or eliminate the land transfer tax he had to pay.”
Read more about real estate:
- Land transfer tax calculator
Use a land transfer tax calculator to determine how much you’ll pay in taxes when buying a property in any Canadian province or territory. - 10 mistakes first-time home buyers make
Are you house hunting with kids in tow? Do you fall in love with staging furniture? Here’s what to avoid when shopping for a home. - It’s possible to be a first-time home buyer twice—here’s how
Some government programs are flexible with the definition of “first-time home buyer.” Find out what it can mean for you. - What expenses can you deduct for a second property in Canada?
Purchasing a second piece of real estate has its costs, but what expenses can be deducted and claimed for income tax purposes? - Should you buy real estate through a corporation?
It can make sense to purchase rental or vacation properties through a corporation, but often it’s simpler—and less risky from a tax perspective—to own the real estate personally.
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