When you are buying or selling a home in Ontario, Canada, real estate transactions involve Land transfer tax, Property tax, Non Resident Seller Tax, HST, Capital gains tax, Income tax, and Foreign Buyers Tax.
It varies with the purchase price with the following rates applied. You can easily get calculate the exact amount via a calculator
|Up to and including $55,000.00||0.5%|
|$55,000.01 to $250,000.00||1.0%|
|$250,000.01 to $400,000||1.5%|
|$400,000.01 to $2,000,000||2.0%|
These may vary by city, the tax of Toronto is the same as the Ontario provincial tax.
It is calculated based on the municipal tax rates, education rate, and property value. Generally the higher your home value ( (property value for tax is usually lower than current market value), the higher your property taxes. For details please review https://www.ontario.ca/page/property-tax
NRST is applicable to foreigners when you buy residential properties in the Greater Golden Horseshoe Region, Toronto included. Please click and review the details on NRST rebate and exemptions
When you plan to rent out your property, income tax is applicable. Please refer to the CRA website for details.
HST is applicable to most of the costs such as real estate commission, legal fee, home inspection fee, etc
HST is not applicable. But if the home has substantial renovations and modifications, the HST may be applied.
HST is factored into the purchase price by the builder. If you need to pay HST separately, you could apply for HST rebates by yourself if qualified. Please refer to HST New Housing Rebates for details.