Land Transfer Tax
When you acquire land or a beneficial interest in land, you pay land transfer tax to the province when the transaction closes. Land transfer tax is normally based on the amount paid for the land. Land transfer tax is payable on every conveyance of land tendered for registration and every unregistered disposition of a beneficial interest in land, unless specifically exempt under the Act or regulations.
Land transfer tax which is based on purchase price and calculated as follows:
- Amounts up to and including $55,000 -0.5 %
- Amounts exceeding $55,000 up to and including $250,000 – 1.0 %
- Amounts exceeding $250,000 – 1.5 %
- Amounts exceeding $400,000 where the land contains one or two single family residences – 2.0 %
If you are a qualifying first time home buyer, you may be entitled to a rebate up to $4,000.00. To claim a refund, you must be at least 18 years of age and you or your spouse cannot have owned a home anywhere in the world.