Land Transfer Tax Ontario Calculator 2018

Use this calculator to determine your Ontario land transfer tax for 2018 purchases. The Ontario Land Transfer Tax (OLTT) is a provincial tax applied to the purchase of real property in Ontario. The tax is calculated based on the purchase price of the property and the applicable tax rate.

How to Calculate Land Transfer Tax in Ontario (2018)

The Ontario Land Transfer Tax is calculated based on the purchase price of the property and the applicable tax rate. The tax is applied to the entire purchase price of the property, including any additional costs such as legal fees, land transfer fees, and survey fees.

Land Transfer Tax Formula

Land Transfer Tax = Purchase Price × Tax Rate

Where:

Purchase Price = The total purchase price of the property
Tax Rate = The applicable Ontario Land Transfer Tax rate (see below)

For example, if you purchase a property in Ontario for $500,000 in 2018, the land transfer tax would be calculated as follows:

Example Calculation

Purchase Price = $500,000

Tax Rate = 0.5% (for properties over $200,000)

Land Transfer Tax = $500,000 × 0.005 = $2,500

It's important to note that the Ontario Land Transfer Tax is in addition to any other taxes or fees that may be applicable to the purchase of the property, such as the provincial sales tax (PST) or the municipal property transfer tax.

Ontario Land Transfer Tax Rates (2018)

The Ontario Land Transfer Tax rates for 2018 are as follows:

Purchase Price Range	Tax Rate
Up to $200,000	0%
Over $200,000	0.5%

The Ontario Land Transfer Tax is applied to the entire purchase price of the property, including any additional costs such as legal fees, land transfer fees, and survey fees. The tax is calculated based on the applicable tax rate and is payable to the Ontario government.

Exemptions and Deductions

There are several exemptions and deductions that may apply to the Ontario Land Transfer Tax. These include:

First-Time Home Buyer Tax Credit: The Ontario government offers a first-time home buyer tax credit of up to $7,500 for eligible first-time home buyers.
Municipal Property Transfer Tax Exemption: Some municipalities in Ontario offer exemptions or reductions on the municipal property transfer tax for eligible buyers.
Charitable Donations: Donations of real property to registered charities may be eligible for a capital gains tax exemption.

It's important to consult with a tax professional or legal advisor to determine if any exemptions or deductions apply to your specific situation.

How to Pay Land Transfer Tax

The Ontario Land Transfer Tax must be paid to the Ontario government at the time of the property transfer. The tax can be paid in cash, by cheque, or by electronic funds transfer (EFT).

The tax must be included in the purchase price of the property and must be disclosed to the buyer in the purchase agreement. The seller is responsible for ensuring that the tax is paid to the Ontario government.

Frequently Asked Questions

What is the Ontario Land Transfer Tax?: The Ontario Land Transfer Tax is a provincial tax applied to the purchase of real property in Ontario. The tax is calculated based on the purchase price of the property and the applicable tax rate.
How is the Ontario Land Transfer Tax calculated?: The Ontario Land Transfer Tax is calculated based on the purchase price of the property and the applicable tax rate. The tax is applied to the entire purchase price of the property, including any additional costs such as legal fees, land transfer fees, and survey fees.
What are the Ontario Land Transfer Tax rates for 2018?: The Ontario Land Transfer Tax rates for 2018 are as follows: 0% for properties up to $200,000 and 0.5% for properties over $200,000.
Are there any exemptions or deductions for the Ontario Land Transfer Tax?: Yes, there are several exemptions and deductions that may apply to the Ontario Land Transfer Tax. These include the first-time home buyer tax credit, municipal property transfer tax exemptions, and charitable donations.
How do I pay the Ontario Land Transfer Tax?: The Ontario Land Transfer Tax must be paid to the Ontario government at the time of the property transfer. The tax can be paid in cash, by cheque, or by electronic funds transfer (EFT).