" A Good Real Estate Agent Knows You're Not Just Buying A House,
You're Moving Into A Community "

Guide to BUYING Your Home

      Land Transfer Taxes

Purchasers in most large Canadian centres 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 a basic fact of life. These taxes, levied on properties that are changing hands, are the responsibility of the purchaser. Depending on where you live, taxes can range from a half a per cent to two per cent of the total value of the property.

Many provinces have multi-tiered taxation systems that can prove complicated. If you purchase a property for $260,000 in Ontario, for example, .5 per cent is charged on the first $55,000, 1 per cent is charged on $55,000 - $250,000, while the $250,000 - $400,000 range is taxed at 1.5 per cent. Your total tax bill? $2,375.00. The following chart illustrates Land Transfer Taxes by province.

BRITISH COLUMBIA
    Property Purchase Tax
        Up to $200,000 X 1 % of total property value
        From $200,000 up X 2 % of total property value

MANITOBA
    Land Transfer Tax
        Up to $30,000 N/A
        From $30,000 to $90,000 X .5 % of total property value
        From $90,000 to $150,000 X 1 % of total property value
        From $150,000 up X 1.5 % of total property value


ONTARIO
    Land Transfer Tax
        Up to $55,000 X .5 % of total property value
        From $55,000 to $250,000 X 1 % of total property value
        From $250,000 to $400,000 X 1.5 % of total property value
        From $400,000 up X 2 % of total property value

QUEBEC
    Transfer Tax
        Up to $50,000 X .5 % of total property value
        From $50,000 to $250,000 X 1 % of total property value
        From $250,000 up X 1.5 % of total property value

NOVA SCOTIA
    Land Transfer Tax
    Halifax Metro
        1.5 per cent on total property value
        Outside Halifax County
        Check with local municipality.

---

Return to Guide to BUYING Your Home

Glenys has answers to your questions and more professional tips to make your real estate transaction more pleasurable. Call or e-mail Glenys or click on "Ask Your Own Questions." Glenys can send you information on any Property Listed For Sale on the Multiple Listing Service in the Halifax area. If you would like her to help you locate a home, please fill out her Information Request Form. Surfing the Real Estate Board's web site or MLS.CA and found a house that you like but doesn't give you the civic address. Glenys can also help. Just fill out her Would like an address form, please ! Or perhaps you are considering selling your home in the near future, she can also offer you a Free No-Obligation Market Evaluation Form

Site Index: [ Home Page ] [ Glenys' Profile ] [ Contact Glenys ] [ View Glenys' Properties ] [ Relocating to Halifax ] [ Relocating To Halifax ] [ Buyers and Sellers ] [ Search Homes in Halifax ] [ Privacy Policy ] [ Send Glenys E-mail ]

© 2007 - Glenys Welsman. All Rights Reserved
Royal LePage Atlantic is Independently Owned and Operated, Broker

Designed and maintained by:
John Smillie / Lasting Impressions 613-440-0720