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| Land Transfer Taxes |
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| When you purchase property in most Canadian provinces can add Land Transfer Taxes or Property Purchase Tax to your list of cost that are required at the time of your closing. |
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| Unless you live in Alberta, Saskatchewan, or rural Nova Scotia, these taxes are more and more becoming the norm and not the exception. |
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| These taxes, levied on properties that are changing hands, are the responsibility of the purchaser. Depending on where you live, taxes can range from a half a per cent to two per cent of the total value of the property. |
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| Some of the provinces have taxation systems that can prove complicated. If you purchase a property for $260,000 in Ontario, for example, .5 per cent is charged on the first $55,000, 1 per cent is charged on $55,000 - $250,000, while the $250,000 - $400,000 range is taxed at 1.5 per cent. Your total tax bill? $2,375.00. |
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| The following chart illustrates the taxes as charged by the different provinces. |
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| BRITISH COLUMBIA |
| Property Purchase Tax Up to $200,000 X 1 % of total property value From $200,000 up X 2 % of total property value |
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| MANITOBA |
| Land Transfer Tax Up to $30,000 N/A From $30,000 to $90,000 X .5 % of total property value From $90,000 to $150,000 X 1 % of total property value From $150,000 up X 1.5 % of total property value |
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| ONTARIO |
| Land Transfer Tax Up to $55,000 X .5 % of total property value From $55,000 to $250,000 X 1 % of total property value From $250,000 to $400,000 X 1.5 % of total property value From $400,000 up X 2 % of total property value |
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| QUEBEC |
| Transfer Tax Up to $50,000 X .5 % of total property value From $50,000 to $250,000 X 1 % of total property value From $250,000 up X 1.5 % of total property value |
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| NOVA SCOTIA |
| Land Transfer Tax Halifax Metro 1.5 per cent on total property value Outside Halifax County Check with local municipality. |
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