Ontario Land Transfer Tax Calculator 850000

When selling a property in Ontario, you must pay land transfer tax based on the sale price. This calculator helps you determine the exact tax owed for a $850,000 property sale, including the Ontario Land Transfer Tax (OLTT) and Municipal Land Transfer Tax (MLTT).

How to Calculate Ontario Land Transfer Tax

The Ontario Land Transfer Tax is calculated based on the sale price of the property, using progressive tax brackets. The Municipal Land Transfer Tax is an additional tax that varies by municipality.

Ontario Land Transfer Tax = Sale Price × Tax Rate Municipal Land Transfer Tax = Sale Price × Municipal Rate Total Land Transfer Tax = OLTT + MLTT

The tax rate depends on the property's assessed value and the buyer's ownership status. First-time home buyers may qualify for reduced rates.

Ontario Land Transfer Tax Brackets

The Ontario Land Transfer Tax is progressive, meaning higher sale prices are taxed at higher rates. Here are the current brackets for 2023:

Sale Price Range	Tax Rate
$0 - $50,000	0.5%
$50,001 - $250,000	1%
$250,001 - $4,000,000	1.5%
$4,000,001+	2%

The Municipal Land Transfer Tax rates vary by municipality and can range from 0.5% to 2%.

Example Calculation

For a $850,000 property sale in a municipality with a 1.5% MLTT:

Ontario Land Transfer Tax = $850,000 × 1.5% = $12,750 Municipal Land Transfer Tax = $850,000 × 1.5% = $12,750 Total Land Transfer Tax = $12,750 + $12,750 = $25,500

This example shows the total tax owed for a $850,000 property sale in a municipality with a 1.5% MLTT.

Frequently Asked Questions

What is the Ontario Land Transfer Tax rate for a $850,000 property?: The Ontario Land Transfer Tax rate for a $850,000 property is 1.5%.
How is the Municipal Land Transfer Tax calculated?: The Municipal Land Transfer Tax is calculated at a rate that varies by municipality, typically between 0.5% and 2%.
Are there any exemptions for Ontario Land Transfer Tax?: First-time home buyers may qualify for reduced rates, and some properties may be exempt under certain conditions.
When is the Ontario Land Transfer Tax due?: The Ontario Land Transfer Tax is typically due within 30 days of the property sale date.
Can I pay the Ontario Land Transfer Tax in installments?: Yes, the Ontario Land Transfer Tax can be paid in installments, but the total amount must be paid within 180 days of the sale date.