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Taxes

Land Transfer Tax in Ontario and B.C.: Rates and First-Time Buyer Rebates

Ontario charges land transfer tax from 0.5% to 2.5% of the price, and first-time buyers can get a refund of up to $4,000. In British Columbia, first-time buyers of existing homes can be fully exempt from property transfer tax up to $500,000, with a partial exemption up to $860,000.

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Ontario land transfer tax (residents of Canada)

Part of the priceRate
Up to $55,0000.5%
$55,000 to $250,0001.0%
$250,000 to $400,0001.5%
Over $400,0002.0%
Over $2,000,000 (homes with one or two single-family residences)2.5%

First-time buyer refund: up to $4,000. You must be at least 18, never have owned a home anywhere in the world, and live in it within nine months. Apply within 18 months of the transfer (usually done at registration). Toronto has its own municipal land transfer tax as well.

British Columbia property transfer tax

First-time buyers, existing homes (registered on or after April 1, 2024): full exemption up to $500,000, an $8,000 exemption from $500,000 to $835,000, phasing out completely at $860,000.

Newly built homes: full exemption up to $1,100,000, phasing out at $1,150,000 for qualifying buyers.

Use B.C.'s official calculator for the tax itself.

Related

RRSP and Your Taxes: Deductions, Withdrawals and Withholding Tax RRSP contributions reduce your taxable income, up to your deduction limit shown on your notice of assessment. Withdrawals are taxable, and your bank withholds 10% (up to $5,000), 20% ($5,000 to $15,000) or 30% (over $15,000) outside Quebec. The Home Buyers' Plan and Lifelong Learning Plan let you withdraw without paying tax if you repay. Capital Gains Tax in Canada: How It Works Only half of a capital gain is taxable: one-half of the gain is added to your income and taxed at your normal rate. The proposed increase to two-thirds was cancelled. Gains on a home that was your principal residence for every year you owned it remain tax-free.

Sources

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