To calculate the total LTT payable for residential properties, add the following together:
0.5% on the first $55,000 plus 1.0% of the amount from $55,001 to $250,000 plus 1.5% of the amount in excess of $250,001 to $400,000 plus 2.0% of the amount in excess of $400,000
OR
use the following table:
Purchase Price
Calculation of LTT
0 - 55,000
.005 x Amount
55,001 - 250,000
(.01 x Amount) minus 275
250,001 - 400,000
(.015 x Amount) minus 1,525
400,000 +
(.02 x Amount) minus 3,525
If the purchase price falls within this range, then apply formula to purchase price
(e.g. on a $175,000 home (.01 X 175,000) minus 275=LTT)
The following numbers are for reference only. Your individual land transfer tax calculation should be calculated and verified by your solicitor. The following chart is based on the Land Transfer Tax (LTT) levied by the Province of Ontario as at May 1996. Please note the Provincial Government does amend the LTT from time to time.
