As a taxation measure granted under the City of Toronto Act,2006, Toronto City Council approved a Toronto Municipal Land Transfer Tax effective February 1, 2008. The Toronto land transfer tax is applied to purchases on all properties in the city of Toronto, in addition to the provincial Ontario Land Transfer Tax.
Toronto Municipal Land Transfer Tax Rates
The MLTT will be charged on a graduated basis depending on the value of consideration paid for the property.
For property containing at least one, and not more than two, single family residences with a consideration value of:
- Up to and including $55,000.00
- 0.5% plus
- $55,000.01 to $400,000.00
- 1.0% plus
- Over $400,000.00
- 2.0%
For all other property with a consideration value:
- Up to and including $55,000.00
- 0.5% plus
- $55,000.01 to $400,000.00
- 1.0% plus
- $400,000.01 to $40,000,000.00
- 1.5% plus
- Over $40,000,000.00
- 1.0%
FOR EXAMPLE: A home with a consideration value of $500,000.01 (excluding GST):
– 0 to $55,000.00 (55,000.00 x 0.005) = $275.00
– $55,000.01 to $400,000.00 ($344,999.99 x 0.01) =$3,450.00
– $400,000.01 to $500,000.00 ($99,999.99 x 0.02) =$2,000.00
Total MLTT= $5,725.00
Read about Toronto Land Transfer Tax Rebate