03 — Calculator
The billnobody budgetsfor.
Land transfer tax is due in cash on closing and cannot be added to your mortgage. Buy in Toronto and you pay it twice — once to the province, once to the city.
- Ontario land transfer tax
- $0
- Toronto municipal LTT
- $0
- First-time buyer rebates
- $0
How this is calculated
Payable in cash
Unlike the CMHC premium, land transfer tax cannot be financed. It has to be in your lawyer's trust account on closing day.
Toronto pays twice
Properties inside the City of Toronto attract a municipal land transfer tax that broadly mirrors the provincial one, effectively doubling the bill.
First-time buyer rebates
Up to $4,000 back provincially and up to a further $4,475 in Toronto. Both are claimed on closing by your lawyer.
Estimate only. Assumes a fixed rate compounded semi-annually, not in advance. Actual payments, premiums and rates depend on lender, product, credit and property, and are subject to change without notice. Not an offer of credit or a pre-approval. O.A.C.
The other calculators
Payment
Most online calculators use the American monthly-compounding formula and overstate your payment. This one compounds semi-annually, the way a Canadian lender actually does.
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