Land transfer tax (LTT) is often overlooked when considering the total cost of purchasing a home. When you acquire land in Canada, you pay land transfer tax to your provincial government. Land transfer tax is normally based on the amount paid for the property, and is calculated as a percentage as follows:

• First $55,000 0.5%
• On $55,000 to $250,000 1.0%
• On $250,001 to $400,000 1.5%
• On $400,001 to $2,000,000 2.0%
• Over $2,000,000 2.5%

If you are a first time homebuyer, you may be eligible for a refund of all or part of the land transfer tax. The Ontario land transfer tax rebate is equal to the full value of the land transfer tax up to a maximum of $4,000. Our convenient land transfer tax calculator will calculate the amount of LTT you’ll have to pay, depending on the purchase price, for properties in the Hamilton region.

Put the experienced agents at Aberwin Realty Inc., Real Estate Brokerage to work for you and let us sell your home, or find the perfect new home or commercial investment for you.