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Understanding Land Transfer Tax in Ontario: A Comprehensive Guide for Buyers and Sellers
Posted by Maryann Quenet on
Understanding Land Transfer Tax in Ontario: A Comprehensive Guide for Buyers and Sellers
It is crucial to understand the land transfer tax (LTT) system in Ontario if you're planning to acquire or sell a property. This article covers all you need to know about the land transfer tax in Ontario, including the difference between Toronto's LTT and the rest of the province.
What exactly is Land Transfer Tax?
The Ontario government levies a tax known as the land transfer tax on individuals who transfer ownership of real estate or other types of property. Typically, the purchaser is responsible for paying the tax, which is based on the purchase price. LTT is based on how much the property cost to buy, so higher-priced properties have a higher LTT…
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