The Ontario Land Transfer Tax is a tax payable to the Government of Ontario for the purchase of new property or land. The current tax rates are as follows:

Consideration up to $55,000: 0.5%
Consideration between $55,001 and $250,000: 1.0%
Consideration between $250,001 and $400,000: 1.5%
Consideration $400,001 and over: 2.0%
Consideration over $2,000,000, where the land contains one or two single family residences: 2.5%

Example: For the purchase of a property in which the value of the consideration equals $400,000:

Step 1: Multiply $55,000 by 0.5% (55,000 × 0.005) = $275
Step 2: Multiply the amount exceeding $55,000 up to $250,000 by 1.0% (195,000 × 0.01) = $1,950
Step 3: Multiply the amount exceeding $250,000 up to $400,000 by 1.5% (150,000 × 0.015) = $2,250
Total land transfer tax payable = $4,475

For a simple to use Land Transfer Tax calculator please follow the link below: Land Transfer Tax calculator