A provincial tax paid when you purchase real estate in Ontario.
Ontario LTT is calculated on a progressive scale: 0.5% on the first $55,000, 1.0% from $55,001 to $250,000, 1.5% from $250,001 to $400,000, 2.0% from $400,001 to $2,000,000, and 2.5% above $2,000,000. First-time home buyers can receive a rebate of up to $4,000. If purchasing in Toronto, there is an additional Municipal Land Transfer Tax at similar rates (with a first-time buyer rebate of up to $4,475). LTT is due on closing and is not financeable.
Related terms: Down Payment | Closing Costs