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Land Transfer Tax (LTT) is a tax payable to the government which is calculated on the purchase price of the property in Ontario. LTT is calculated as follows:
If you purchase a property in the City of Toronto, in addition to the provincial LTT, a municipal Land Transfer Tax (MLTT) also applies. MLTT for a single family residence is calculated as follows:
First time home buyers who have not owned property anywhere in the world and whose spouses have not owned property anywhere in the world may be eligible for a Land Transfer Tax credit. A LTT credit of up to a maximum of $2,000.00 applies to eligible first time home buyers. A MLTT credit of up to a maximum of $3,725.00 also applies to eligible first time home buyers purchasing in the City of Toronto.