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The tax is based on the amount that you paid for the property or, in some case, on the fair market value of the land. Unlike yearly municipal tax, the provincial land transfer tax is a single payment made at the time the property is transferred (exemption may apply).

How much Provincial Land Transfer Tax you will pay:

• 0.5% of the value of the consideration up to and including $55,000
• 1% of the value of the consideration which exceeds $55,000 up to and including $250,000
• 1.5% of the value of the consideration which exceeds $250,000
• 2% of the amount by which the value of the consideration exceeds $400,000 for land that contains at least one and not more than two single family residences.

Click here for more information on PLTT. http://www.fin.gov.on.ca/en/tax/ltt/

How much Municipal Land Transfer Tax (Toronto) you will pay:

• 0.5% of the value of the consideration up to and including $55,000
• 1.0% of the value of the consideration which exceeds $55,001 up to and including $400,000
• 2.0% of the value of the consideration which exceeds $400, 000.

Click here for more information on MLTT. http://www.toronto.ca/taxes/mltt.htm

If you are a first time home buyer, you are eligible for rebates on both the PLTT and the MLTT.

• Municipal Land Transfer Tax: Maximum $4,475.00
• Provincial Land Transfer Tax: Maximum $4,000.00

To help you anticipate how much you will be paying in PLTT and MLTT, use our Land Tax Calculator for a quick reference when buying a home.