Altaf  Mian

Altaf Mian

Broker ABR®

HomeLife/Miracle Realty Ltd., Brokerage *

Mobile:
647-772-9777
Office:
905-624-5678
Email Me
Altaf  Mian

Altaf Mian

Broker ABR®

HomeLife/Miracle Realty Ltd., Brokerage *

Mobile:
647-772-9777
Office:
905-624-5678
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.

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About Me

Education: Bachelor Of Electronic Engineering, Bachelor in Business Management & Marketing, Retail Marketing and management with Shell Oil Co. USA ,Subway Franchise Development Connecticut,USA, Retail Management and Marketing consultant , Certified Franchisees Trainer For Shell & Motiva Enterprises,President M&M Business Brokers ,Ontario Real Estate College,Certificate in Health, Safety & Environment, 26 Yesrs of Commercial Real Estate and Business Trading experience .

Specialty: I have over 25 years experience in Gas stations, Car washes, Fast-food Franchises, convenience stores, coffee shops and other Retal businesses.

Experience: 26 years combined between Business Brokerage and Residential Real Estate

Area Covered: Member of Canadian Real Estate Association,Ontario Real Estate Association,Toronto Real Estate Board,Mississauga Real Estate Board,Real Estate Consul Of Ontario,Brampton Real Estate Board.

Languages Spoken: English, Hindi, Punjabi, Urdu