Land Transfer Taxes

[mhaytuazon]

Hello,

Does anybody know how the land transfer taxes work in Toronto? I was told there`s 2 kinds of taxes you pay when you purchase a property in Toronto: 1) Ontario Land Transfer Tax; and 2) Municipal Land Transfer Tax. If someone has information as to whether this information is correct, I would greatly appreciate it.

And also, how are the land transfer taxes calculated? Where can I go to do a quick & accurate research regarding this?

Thanks a whole bunch,
Mhay

 

[Nicola]

QUOTE (mhaytuazon @ Jul 16 2008, 01:58 AM)
Hello,



Does anybody know how the land transfer taxes work in Toronto? I was told there's 2 kinds of taxes you pay when you purchase a property in Toronto: 1) Ontario Land Transfer Tax; and 2) Municipal Land Transfer Tax. If someone has information as to whether this information is correct, I would greatly appreciate it.



And also, how are the land transfer taxes calculated? Where can I go to do a quick & accurate research regarding this?



Thanks a whole bunch,

Mhay




There is a good calculator (for this huge tax grab!) on http://www.nohomebuyingtax.com/ You would pay $8200 LTT for a $400,000 house in Toronto; $12,200 for a $500k house.



However, if you are a first-time home buyer (and will live in the house), there is a rebate - see http://www.torontorealestateboard.com/cons...rograms/ltt.htm

 

[mike81]

I purchased my "first home" this year in Toronto... i put first home in bunny ears because according to the LTT and PTT, technically its not my first home and thus i'm unable to collect the Land Transfer tax rebate. *insert big slap to face here*

3 Years ago i co-signed a mortgage for a Parent in another province(have had no dealings since). Basically a $3000 tax dollar mistake. Even though i have rented my whole life until this year, and even used Home Buyers Plan RRSP (CRA sees me as a first time purchase) i still cannot use the rebate. So instead of paying 800$ i got the nice bill over 4000$. Damn, this really grinds my gears. Sorry kids, Christmas is canceled this year......would be hard to say if i actually had kids heh




QUOTE (Nicola @ Jul 15 2008, 09:29 AM)
There is a good calculator (for this huge tax grab!) on http://www.nohomebuyingtax.com/ You would pay $8200 LTT for a $400,000 house in Toronto; $12,200 for a $500k house.



However, if you are a first-time home buyer (and will live in the house), there is a rebate - see http://www.torontorealestateboard.com/cons...rograms/ltt.htm

 

[RandyDalton]

QUOTE (mhaytuazon @ Jul 15 2008, 10:58 AM)
Hello,



Does anybody know how the land transfer taxes work in Toronto? I was told there's 2 kinds of taxes you pay when you purchase a property in Toronto: 1) Ontario Land Transfer Tax; and 2) Municipal Land Transfer Tax. If someone has information as to whether this information is correct, I would greatly appreciate it.



And also, how are the land transfer taxes calculated? Where can I go to do a quick & accurate research regarding this?



Thanks a whole bunch,

Mhay




Hi Mhay,



There are definitely two land transfer taxes in Toronto that affect your purchase. This was also a heated debate point with Rob Ford during his mayoral race last month. He is for removing it and everyone expects this to happen next year since he won the election. Best to talk with your realtor about the specifics however I know the TRE Board was pushing for retroactive so that it does not stall the real estate market as buyers wait for the tax to be revoked.



Regards...Randy Dalton

R&B Properties

"Providing Design, Construction, & Property Management Services"

905.516.8997

 

[mike81]

Question - Has anyone ever heard of getting the Land Transfer Tax rebate for first time buyer, if they co-owned a previous home?(answer sounds obvious) I`m asking because i was talking to the ministry of revenue, and the mentioned that if you can show that you had no "beneficial ownership" in the co-owned home that you still may be eligible for your first home.

hugs and kisses