GARY  BHATT

GARY BHATT

Broker

Save Max Success Realty

Mobile:
416-836-3655
Office:
905-207-6000
Email Me
GARY  BHATT

GARY BHATT

Broker

Save Max Success Realty

Mobile:
416-836-3655
Office:
905-207-6000
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.

 

Have Questions?

By submitting this form, you are providing express consent to receive commercial electronic messages from www.searchlisting.ca. You may unsubscribe at any time.

I am member of the Toronto Real estate Board ( TREB ). These relationships guarantee buyers immediate access to hundreds of the resale newest properties on the market each day while also enabling seller’s exposure to a huge network of buyers from other firms across the country.

I am committed and passionate real estate professional who prides himself on putting my clients satisfaction above all else. My determination and attention to detail allows clients to receive assured service with utmost integrity.

"Everyone has same source available and different opinions on how a real estate salesperson should represent their client, but honesty and integrity should go without saying. To me, being a REALTOR means more than selling homes.

It's about you, your hopes and your dreams. It's about a relationship based on trust, knowledge and expertise. I will go the extra mile to give you the best possible experience when buying or selling real estate.”

 

Gary Bhatt

Real Estate Broker



Specialty: Residential and Commercial Include real estate related specialties; first time buyers, relocation, investment properties etc

Awards: Recent: Centurion Award Winner (2017)

Area Covered: Brampton, Mississauga, Caledon, Milton, Oakville, Toronto

Languages Spoken: English, Gujarati, Hindi, Punjabi