![]() Visit our Ontario land transfer tax rebate page for more information on conditions and homebuyer eligibility. Based on Ontario land transfer tax rates, this rebate refunds the full value of Ontario’s land transfer tax for homes up to $368,000 in value. The Ontario government gives a maximum $4,000 rebate to first-time homebuyers to offset the cost of the land transfer tax. For detailed information on rates and calculations, see our Ontario land transfer tax page. The LTT is a marginal tax with rates varying from 0.5% to 2.0% of a home’s value, depending on its purchase price. Ontario’s land transfer tax (LTT) is calculated as a percentage of the property’s value, using the purchase price as an estimate. Our tools automatically calculate these taxes - you'll see them under the "Cash Needed" drop-down menu. However, Ontario provincial sales tax (PST) on mortgage default insurance must be paid out in cash at the time your purchase closes. When applicable, the cost of mortgage default insurance, often called CMHC insurance, is added to your mortgage balance and paid off over the amortization of your mortgage. Ontario sales tax on mortgage default insurance The most current Ontario mortgage rates are already included in the calculator above, so you can trust that the numbers it provides will be accurate. Ratehub.ca has a comprehensive page of the best mortgage rates in Ontario. Mortgage brokers and certain lenders can charge different mortgage interest rates depending on the province. In Ontario, purchasers are responsible for obtaining Ontario mortgage rates, paying the provincial sales tax (PST) for mortgage default insurance and covering Ontario land transfer taxes.įor those purchasing in Toronto, a second set of municipal land transfer taxes apply in addition to the provincial tax, as well as an overseas speculation levy for properties in the Greater Golden Horseshoe region (the densely populated urban region centred around the City of Toronto on the western side of Lake Ontario). ![]() Most taxes and fees are set at the provincial or even municipal level. Ontario mortgage regulations, taxes and fees Visit our CMHC insurance page to learn more.
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