Ontario Land Transfer Tax

Ontario Land Transfer Tax is a fee people pay when they buy a property in Ontario. The tax is calculated as a percentage of the property's purchase price, with higher rates for more expensive homes. The amount varies based on the price and can include additional surcharges for certain areas or buyers, like first-time homebuyers or those purchasing newly built homes. It’s paid to the Ontario government at closing and is separate from other costs like property taxes or registration fees. Generally, the tax helps fund provincial services and infrastructure.