Every property purchase in Ontario is subject to a Land Transfer Tax at the time the sale is completed.
Breakdown on the Tax is as follows:
0.5% - on the first $55,000
1.0% - on portion between $55,000 and $250,000
1.5% - on balance over $250,000
2.0% - on anything over $400,000
First time home buyers who qualify can receive a credit up to $2,000
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