Land Transfer Tax Ontario Calculator 2015

This calculator helps you determine the land transfer tax for property purchases in Ontario during 2015. Land transfer tax is a provincial tax imposed on the transfer of ownership of real property, including land and buildings. The tax is calculated based on the purchase price of the property and the applicable tax rates for the year of transfer.

How to Use This Calculator

To calculate your land transfer tax for a 2015 property purchase:

Enter the purchase price of the property in the "Property Value" field.
Select the appropriate property type from the dropdown menu.
Click the "Calculate" button to see your estimated land transfer tax.

The calculator will display the total tax amount based on the 2015 land transfer tax rates. You can also view a breakdown of the calculation and compare different scenarios.

How Land Transfer Tax Works in Ontario

Land transfer tax is a provincial tax imposed on the transfer of ownership of real property. The tax is calculated based on the purchase price of the property and the applicable tax rates for the year of transfer. The tax is paid by the buyer at the time of the property transfer.

The land transfer tax is calculated using a progressive tax system, where the tax rate increases as the purchase price of the property increases. The tax is calculated on the portion of the purchase price that exceeds the applicable exemption amount.

Key Points

The land transfer tax is paid by the buyer at the time of the property transfer.
The tax is calculated on the portion of the purchase price that exceeds the applicable exemption amount.
The tax rate increases as the purchase price of the property increases.

2015 Land Transfer Tax Rates

The 2015 land transfer tax rates in Ontario are as follows:

Property Type	Exemption Amount	Tax Rate
Residential Property	$400,000	0.5% on the first $50,000 over $400,000 1% on the next $150,000 1.5% on the next $400,000 2% on the portion over $1,000,000
Commercial Property	$100,000	1% on the first $50,000 over $100,000 2% on the next $150,000 3% on the next $400,000 4% on the portion over $700,000

Calculation Formula

For residential property:

Tax = (Purchase Price - $400,000) × Rate

Where Rate is determined by the portion of the purchase price that exceeds $400,000.

Worked Examples

Example 1: Residential Property Purchase

If you purchase a residential property for $550,000 in 2015:

Subtract the exemption amount: $550,000 - $400,000 = $150,000
Calculate the tax: $150,000 × 1% = $1,500

The land transfer tax for this purchase would be $1,500.

Example 2: Commercial Property Purchase

If you purchase a commercial property for $800,000 in 2015:

Subtract the exemption amount: $800,000 - $100,000 = $700,000
Calculate the tax:
- $50,000 × 1% = $500
- $150,000 × 2% = $3,000
- $400,000 × 3% = $12,000
- $100,000 × 4% = $4,000
Total tax: $500 + $3,000 + $12,000 + $4,000 = $19,500

The land transfer tax for this purchase would be $19,500.

Frequently Asked Questions

What is the exemption amount for residential property in 2015?: The exemption amount for residential property in 2015 was $400,000. This means the first $400,000 of the purchase price is not subject to land transfer tax.
How is the land transfer tax calculated for commercial property?: The land transfer tax for commercial property is calculated using a progressive tax system, where the tax rate increases as the purchase price of the property increases. The tax is calculated on the portion of the purchase price that exceeds the applicable exemption amount.
Who is responsible for paying the land transfer tax?: The land transfer tax is paid by the buyer at the time of the property transfer. The tax is typically included in the purchase price or paid separately, depending on the terms of the sale.
Are there any exemptions or deductions for land transfer tax?: There are no exemptions or deductions for land transfer tax in Ontario. The tax is calculated on the full purchase price of the property, minus the applicable exemption amount.
Where can I find more information about land transfer tax in Ontario?: For more information about land transfer tax in Ontario, you can visit the Ontario Ministry of Finance website. The ministry provides detailed information about the land transfer tax system, including rates, exemptions, and how to calculate the tax.