Land transfer tax is imposed on the acquisition of an interest in land by registered
conveyance or unregistered disposition.
Every person obtaining an interest in land is liable to land transfer tax. The tax is calculated on the value of the consideration for the transfer. In certain circumstances the Land Transfer Tax Act (Act) deems the value of the consideration to be the fair market value of the land.
The Act defines land to include the land itself, buildings, estates, options, leasehold interests and fixtures.
The Provincial Government has a Provincial Land
Transfer Tax Refund program that will refund a Maximum of $2000.00 to first time
home buyers.
Click here for more information
The City of Toronto has a similar program for
first time home buyers with an instant rebate to a Maximum of $3725.00.
Click here for
more information