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Steps to follow:
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Enter your Purchase Price below
 

 

Municipal Land Transfer Tax


The Municipal Land Transfer Tax (MLTT) is charged on properties purchased in Toronto and on disposition of all beneficial interests with closing dates on or after February 1, 2008.

Following the provincial government's Land Transfer Act and property transaction requirements, your lawyer will register your property transaction and at that time your MLTT will be collected. For more information on the collection of your MLTT, please contact your real estate lawyer.

Transition Rules: If your Purchase & Sale Agreement is executed on or before December 31, 2007 you are eligible for a full rebate.

 


Municipal Land Transfer Tax Rates

 

The MLTT will be charged on a graduated basis depending on the value of consideration paid for the property.

For property containing at least one, and not more than two, single family residences with a consideration value of:

 


Value of Consideration

MLTT Rate

Up to and including $55,000.00

0.5%  plus

$55,000.01 to $400,000.00

1.0%  plus

Over $400,000.00

2.0%



For all other property with a consideration value:

 


Value of Consideration

MLTT Rate

Up to and including $55,000.00

0.5%  plus

$55,000.01 to $400,000.00

1.0%  plus

$400,000.01 to $40,000,000.00

1.5%  plus

Over $40,000,000.00

1.0%



FOR EXAMPLE: A home with a consideration value of $500,000.01 (excluding GST):


MLTT Rate

Calculation

0 to $55,000.00

55,000.00 x 0.005 = $275.00

$55,000.01 to $400,000.00

$344,999.99 x 0.01= $3,450.00

$400,000.01 to $500,000.00

$99,999.99 x 0.02= $2,000.00

Total MLTT= $5,725.00


Rebate Opportunities


You may be eligible for a rebate of the MLTT if either of the following criteria is met:

 

  1. Grand-Fathering
    The Agreement of Purchase & Sale was executed on or before December 31, 2007 and the closing date is on or after February 1, 2008. In this case you will be eligible for a full rebate.
  2. First-Time Purchaser
    You are a first-time purchaser of a newly constructed or re-sale residential property. The rebate for first-time home purchasers is up to a maximum of $3,725.00.


If you are eligible for a rebate of all or a portion of the MLTT you owe, your lawyer will be able to claim the rebate electronically through Teraview version 6.0 software when he/she registers your transfer/deed.

 



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