Thread: Mortgage Rates
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Old 2013-02-12, 07:28 AM
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gerapau gerapau is offline
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Quote:
Originally Posted by NewPurchaser View Post
We realize there is a lot of discussion in this area, however we wanted to raise the question/ask it in a different way:

Is it true that you can pay for upgrades "separately", and not have the purchase price increased/amended for purposes of Ontario Land Transfer Tax, Municipal Property Taxes (and perhaps Mortgage)?

So basically you tell your builder please do not show in the paperwork that we put $X of upgrades so that Land Transfer and Property Taxes are not increased?
Land transfer tax is based on the full amount including upgrades. Hiding the upgrades in order to reduce the land transfer tax would be illegal and both you and your builder could get in trouble if caught.

Unless you are buying ALOT of upgrades your property taxes are not directly based on your sales price so it would probably not matter.
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