City of Toronto  

Living in TorontoDoing businessVisiting TorontoAccessing City Hall
 
All news releases
Last 30 days
By month
Search
   
Newsroom
   
Archived news release by year
  2013
  2012 - 2011 - 2010
  2009 - 2008 - 2007
  2006 - 2005 - 2004
  2003 - 2002 - 2001
  2000 - 1999 - 1998
   
RSS identifier linked to feed RSS
   
   
 
October 23, 2007
City prepares to implement the Toronto Land Transfer Tax
  
Yesterday, Toronto City Council approved a new land transfer tax which takes effect on February 1, 2008. More details on implementation will be available at Executive Committee on October 29, 2007.

For all purchasers:
  • one-half of one percent of the value of the consideration on sales up to and including $55,000;
  • one per cent of the value of the consideration on sales exceeding $55,000 up to and including $400,000;
  • two per cent of the value of the consideration of land containing one and/or two single family residences exceeding $400,000;
  • one and a half per cent of the value of the consideration on commercial properties including multi-residential units exceeding $400,000 up to $40 million;
  • one per cent of the value of the consideration which exceeds $40 million.

Where the net revenue after transaction fees would result in revenue to the City of less than $2.00, the purchase would be exempt from the Toronto Land Transfer Tax.

Purchasers with a Purchase and Sale agreement on or before December 31, 2007 will receive a full rebate of the Toronto Land Transfer tax regardless of the closing date.

Purchasers with a Purchase and Sale agreement signed after December 31, 2007 with a closing before February 1, 2008 will not be required to pay the Toronto Land Transfer tax.

Purchasers with a Purchase and Sale agreement signed after December 31, 2007 with a closing on or after February 1, 2008 will be required to pay the full Toronto Land Transfer tax.

For first time purchasers:
A rebate of up to $3,725 will apply to first-time purchasers of both new and existing homes. This means a full rebate for first-time buyers of homes valued at $400,000 or less. For example, a first-time purchaser of a home valued at $600,000 would pay land transfer tax according to the scale shown above, and receive a rebate of $3,725. A first time home buyer of a home valued at $300,000 would get a full rebate on the land transfer tax.

For all reports and presentations on Toronto Land Transfer Tax please visit our website at http://www.toronto.ca/finance/revenue_tools.htm.

Provincial land transfer tax information: http://www.rev.gov.on.ca/english/bulletins/ltt/2_2005.html

Toronto is Canada’s largest city and sixth largest government, and home to a diverse population of about 2.6 million people. It is the economic engine of Canada and one of the greenest and most creative cities in North America. In the past three years, Toronto has won more than 70 awards for quality, innovation and efficiency in delivering public services. Toronto’s government is dedicated to prosperity, opportunity and liveability for all its residents.

Media contacts:
Cindy Bromley, Finance and Administration Communications Manager, 416-392-4993, cbromley@toronto.ca
Len Brittain, Director of Corporate Finance, 416-392-5380, lbrittai@toronto.ca


 

 

Toronto maps | Get involved | Toronto links
© City of Toronto 1998-2017