Manmeet  Saluja

Manmeet Saluja

Broker

Right at Home Realty, Brokerage*

Mobile:
647-834-6706
Email Me
Manmeet  Saluja

Manmeet Saluja

Broker

Right at Home Realty, Brokerage*

Mobile:
647-834-6706
Email Me

Land Transfer Tax Details

Land Transfer Tax

Purchasers in most large Canadian cities can add Land Transfer Taxes to their list of closing costs. Unless you live in Alberta, Saskatchewan, or rural Nova Scotia, land transfer taxes (or property purchase tax) are part of the deal. These taxes, levied on properties that are changing hands, are the responsibility of the purchaser. Depending on where you live, taxes can range from half of a percent to two percent of the total purchase price.

Many provinces have multi-tiered taxation systems that can be complicated.
For example, if you purchase a property for $300,000 in Ontario, 0.5% is charged on the first $55,000, 1% is charged on $55,000 - $250,000, while the $250,000 - $400,000 range is taxed at 1.5%. Your total tax bill? $2,975.00.

The following chart illustrates Land Transfer Taxes by province.

ONTARIO
Land Transfer Tax (go to calculator)
Up to $55,000 X 0.5% of total purchase price
From $55,000 to $250,000 X 1% of total purchase price
From $250,000 to $400,000 X 1.5% of total purchase price
From $400,000 up X 2% of total purchase price
BRITISH COLUMBIA
Property Purchase Tax
Up to $200,000 X 1% of total purchase price
From $200,000 up X 2% of total purchase price
MANITOBA
Land Transfer Tax
Up to $30,000 N/A
From $30,000 to $90,000 X 0.5% of total purchase price
From $90,000 to $150,000 X 1% of total purchase price
From $150,000 up X 1.5% of total purchase price
QUEBEC
Transfer Tax
Up to $50,000 X 0.5% of total purchase price
From $50,000 to $250,000 X 1% of total purchase price
From $250,000 up X 1.5% of total purchase price
Halifax Metro
1.5% on total purchase price
Outside HalifaxCounty
Check with local municipality.

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Manmeet came to Canada in 2007. He is a Certified Public Accountant from US and MBA from India. He is passionate about what he does and loves to help people. He has been in real estate for over 7 years and enjoys what he does. He has worked in Sales, Customer Service, Banking, Accounting and Manufacturing fields. He is married and has three beautiful kids.



Education: M.Com, MBA, CPA (US), ACMA (India)

Specialty: Residential and Condos

Experience: 7

Area Covered: Brampton, Caledon, Mississauga

Languages Spoken: English, Hindi, Punjabi