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Old 2010-04-22, 11:15 AM
audiorichard audiorichard is offline
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Default Land Transfer Tax and more

I try to prepare a budget worksheet for my new house which will be close in ealry June, when I try to input Land Transfer Tax, I am a bit confuse. I find a Land Transfer Tax cacluator online. Land Transfer Tax is based on purchase price, so the value should be the basic house price? should I included the lot premium or upgrade? Also, when do I have to pay the Land Transfer Tax? I am not the first time owner, I can not remember when do I pay for it. Is it on the closing date? or I will get a bill from gov after closing?
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Old 2010-04-22, 11:22 AM
Beerboy Beerboy is offline
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The total amount is based on your final purchase price (house, upgrades, premiums, etc.) You pay it on closing day, via your lawyer.
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Old 2010-04-22, 11:46 AM
audiorichard audiorichard is offline
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Originally Posted by Beerboy View Post
The total amount is based on your final purchase price (house, upgrades, premiums, etc.) You pay it on closing day, via your lawyer.
Is the Land Transfer Tax included in the purchase price? This is my second new built house I puchased, I can not remember I paid any Land Transfer Tax when I closed my first new house.
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Old 2010-04-22, 11:48 AM
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gerapau gerapau is offline
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Originally Posted by audiorichard View Post
Is the Land Transfer Tax included in the purchase price? This is my second new built house I puchased, I can not remember I paid any Land Transfer Tax when I closed my first new house.
No, it is not included in your purchase price.
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Old 2010-04-22, 12:14 PM
Beerboy Beerboy is offline
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I'll second that gerapau!
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Old 2010-04-22, 12:52 PM
BCN BCN is offline
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Originally Posted by audiorichard View Post
Is the Land Transfer Tax included in the purchase price? This is my second new built house I puchased, I can not remember I paid any Land Transfer Tax when I closed my first new house.
You will be paying land transfer tax on the total purchase price as stated.

Here is a calculator: ottawarealestate.org/calc/LandXferCalc.aspx

You did not pay it on your first home because you were a first time home buyer, and were exempt of this tax upto $2500.00 I believe.

Whatever you budget for in total for closing costs, add 10% to that. It's always more!

Enjoy!!
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Old 2010-05-02, 02:46 PM
nantrat nantrat is offline
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The land transfer tax is calculated on the "total purchase price", this includes all upgrades and lot premiums. You pay this amount on closing.

Depending on when you bought your first home, you may have had a rebate up to $2000.00 on the land transfer tax.
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Old 2010-05-04, 12:57 PM
springer springer is offline
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I think normally there is no land transfer tax on new builds. This is our 3rd we are currently building, and have never paid this before.
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Old 2010-05-04, 01:09 PM
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gerapau gerapau is offline
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I think normally there is no land transfer tax on new builds. This is our 3rd we are currently building, and have never paid this before.
If you live in Ontario (and most other areas in Canada) you will definately pay a land transfer tax when you close on a new house. It is usually included in the fees you pay your lawyer. If you haven't budgeted for it you should investigate further or you may be surprised later on.
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Old 2010-05-04, 03:32 PM
springer springer is offline
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Originally Posted by gerapau View Post
If you live in Ontario (and most other areas in Canada) you will definately pay a land transfer tax when you close on a new house. It is usually included in the fees you pay your lawyer. If you haven't budgeted for it you should investigate further or you may be surprised later on.
No, we did not pay them in our last house 4 years ago, and this we were told there are none. Perhaps the builder has been covering them?
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