Understanding Land Transfer Taxes
If you're buying a home in a large Canadian centre, you'll need to add land transfer taxes to your list of closing costs anytime you purchase a property.
Unless you live in Alberta, Saskatchewan, or rural Nova Scotia, land transfer taxes (or property purchase tax) are a part of the homebuying process. These taxes, levied on properties that are changing hands, are the responsibility of the purchaser. Depending on where you live, taxes can range from 0.5% to 2% of the total value of the property.
Land transfer taxes in Quebec
Up to $50,000 X 0.5% 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
Use the percentages above to estimate the land transfer tax for your new property. This information is deemed to be correct but should not be relied upon. Check with your financial instituation for further details.
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