Land Transfer Tax

LTT

A provincial (and sometimes municipal) tax paid when you buy property.

Land transfer tax is a tax paid by the buyer when property changes hands, calculated on the purchase price and set by the province, with Toronto adding a second municipal land transfer tax on top. It is often the largest single closing cost. First-time buyers may qualify for rebates that reduce or eliminate it in Ontario, Toronto, BC, and PEI, so it is worth checking your eligibility before you budget.

General information only, not legal, tax, or financial advice. Rules change and vary by province; confirm the current details with the relevant authority before you rely on them.