LAND TRANSFER TAX

💰 Land Transfer Tax in Ontario – What You Need to Know! 💰

Buying a home? Don’t forget about Land Transfer Tax (LTT)! In Ontario, this tax is based on a graduated system, meaning different portions of your home’s price are taxed at different rates. Here’s the breakdown:

✅ 0.5% on the first $55,000
✅ 1% on the next $195,000 (up to $250,000)
✅ 1.5% on the next $150,000 (up to $400,000)
✅ 2% on the next $1.5M (up to $2,000,000)
✅ 2.5% on anything over $2M

📌 Example: A $500,000 Home in Ontario
You’ll pay $6,475 in land transfer tax.

🏡 Buying in Toronto? You’ll pay double because of an extra Municipal Land Transfer Tax (MLTT)—bringing the total to $12,950 for a $500,000 home!

💰 First-time homebuyer? You could get a rebate of up to $4,000, helping cover the cost!

Thinking of buying? Let’s chat—I’ll help you understand all the costs upfront! 📩

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