LAND TRANSFER TAX: CITY OF TORONTO

(Revised November, 2024)

For purchase of a house with one or two residential units in the City of Toronto (416 telephone area code being bounded by Steeles on the North, Western boundary of Etobicoke, Eastern boundary of Scarborough and Lake Ontario’s shoreline on the South) a municipal Land Transfer Tax is levied, in addition to the current Ontario provincial Land Transfer Tax, to be effective for closings on and after January 1, 2024.

The Toronto City Land Transfer Tax is as follows:

5.5% of the purchase price between $5,000,000.01 and $10,000,000.00

0.5% of the amount of the purchase price up to $55,000.00
1.0% of the purchase price between $55,000.01 and $250,000.00
1.5% of the purchase price between $250,000.01 and $400,000.00
2.0% of the purchase price between $400,000.01 and $2,000,000.00
2.5% of the purchase price between $2,000,000.01 and $3,000,000.00
3.5% of the purchase price between $3,000,000.01 and $4,000,000.00
4.5% of the purchase price between $4,000,000.01 and $5,000,000.00
5.5% of the purchase price between $5,000,000.01 and $10,000,000.00

NOTE: An additional administration fee of $96.68 + HST will be charged for processing each purchase in the City of Toronto.

SPECIAL NOTES REGARDING TORONTO LAND TRANSFER TAX
    1. If the buyer of property in the City of Toronto is a qualified first time buyer (and this applies to both builder and resale deals) then such buyer is entitled to a DEDUCTION of up to a maximum amount of $4,475.00, for the Toronto Land Transfer tax.
    2. For all purchases closing after March 1, 2017, in order to receive a First Time Buyer deduction (up to $4,475.00) the purchaser must be a Canadian citizen or a permanent resident of Canada. If the purchaser becomes a Canadian citizen or permanent resident within 18 months of the closing, one may apply for a refund provided an application for a refund is submitted within 18 months of the closing date.
    3. IN ADDITION TO Toronto Land Transfer Tax (for property purchased in TORONTO), a buyer must ALSO pay the added Ontario Land Transfer Tax. For calculations of such tax, go to the link: Land Transfer Tax: Ontario . ALSO, if any buyer is a FOREIGN NATIONAL (not a Canadian Citizen or Permanent Resident) buying in or around Toronto, an added 25% Ontario tax might be payable based on the purchase price. Go to the link: Land Transfer Tax: Ontario .
    4.  As of 2024, if buying a home in Toronto exceeding a price of $3 Million, with one or two residential units, please use the Land Transfer tax calculator in Google at “LTT Calculator – Residential” by TRREB since Toronto now adds extra LTT if price exceeds $3 Million.