Ontario’s land transfer tax is calculated based on the property value. The first $55K at 0.5%, then from $55K to 250K at 1%, the remaining up to $400K at 1.5%, and the remaining balance up to $2M at 2%. Also, since January 1st, 2017 the balance greater than $2M is taxed 2.5%.
Also, if your property is located in Toronto, then there is an additional municipal land transfer tax.
Fortunately, Ontario offers up to a maximum of $4,000 rebate to first-time home buyers. Toronto also offers a rebate to first-time home buyers up to a maximum of $4,475.
Fortunately, our app does all the number crunching for you.