Land Transfer Tax Ontario Calculator 2017

Calculate the Ontario land transfer tax for 2017 purchases using this official calculator. The Ontario Land Transfer Tax Act (LTT) applies to the transfer of real property in Ontario, including residential and commercial properties. This calculator provides an accurate estimate based on the property value and ownership status.

How to Use This Calculator

To use the Land Transfer Tax Ontario Calculator 2017, follow these simple steps:

Enter the total purchase price of the property in the "Property Value" field.
Select the appropriate ownership status from the dropdown menu.
Click the "Calculate" button to compute the land transfer tax.
Review the results, which will display the total tax payable and a breakdown of the calculation.

The calculator uses the 2017 tax rates and brackets as specified by the Ontario government. For the most accurate results, ensure that you enter the correct property value and ownership status.

Formula Used

The Ontario land transfer tax is calculated based on the property value and ownership status. The formula used in this calculator is as follows:

If the property is owned by an individual or a corporation:

Tax = (Property Value - $200,000) × 0.5%

If the property is owned by a trust or a partnership:

Tax = (Property Value - $200,000) × 1%

The first $200,000 of the property value is exempt from tax. The tax rate varies depending on the ownership status. The calculator applies the appropriate rate based on the selected ownership status.

Worked Examples

Here are two examples of how the calculator computes the land transfer tax for different property values and ownership statuses.

Example 1: Individual Ownership

Property Value: $350,000

Ownership Status: Individual

Calculation:

Taxable Amount = $350,000 - $200,000 = $150,000

Tax = $150,000 × 0.5% = $750

Total Land Transfer Tax: $750

Example 2: Trust Ownership

Property Value: $500,000

Ownership Status: Trust

Calculation:

Taxable Amount = $500,000 - $200,000 = $300,000

Tax = $300,000 × 1% = $3,000

Total Land Transfer Tax: $3,000

Frequently Asked Questions

What is the Ontario Land Transfer Tax Act?

The Ontario Land Transfer Tax Act (LTT) is legislation that imposes a tax on the transfer of real property in Ontario. The tax applies to residential and commercial properties and is based on the property value and ownership status.

How is the Ontario land transfer tax calculated?

The Ontario land transfer tax is calculated by subtracting the first $200,000 of the property value from the total purchase price. The remaining amount is then multiplied by the applicable tax rate, which varies depending on the ownership status.

What is the tax rate for an individual or corporation?

The tax rate for an individual or corporation is 0.5% of the taxable amount. The taxable amount is calculated by subtracting the first $200,000 of the property value from the total purchase price.

What is the tax rate for a trust or partnership?

The tax rate for a trust or partnership is 1% of the taxable amount. The taxable amount is calculated by subtracting the first $200,000 of the property value from the total purchase price.

Is the Ontario land transfer tax refundable?

No, the Ontario land transfer tax is not refundable. Once the tax is paid, it cannot be recovered under any circumstances.