Condo Square One Blog
What Type of Mississauga Condo is Right for You?
Published Date: 28 November 2018 | 10:28 pm
Mississauga Light-Rail Transit – Downtown 21 Master Plan
Published Date: 28 November 2018 | 10:25 pm
Is Buying Condo a Great Investment Opportunity?
Published Date: 28 November 2018 | 10:12 pm
Purchasers in most large Canadian centres can add Land Transfer Taxes to their list of closing costs.
Unless you live in Alberta, Saskatchewan, or rural Nova Scotia, land transfer taxes (or property purchase tax) are a basic fact of life. These taxes, levied on properties that are changing hands, are the responsibility of the purchaser. Depending on where you live, taxes can range from a half a per cent to two per cent of the total value of the property.
Many provinces have multi-tiered taxation systems that can prove complicated. If you purchase a property for $260,000 in Ontario, for example, .5 per cent is charged on the first $55,000, 1 per cent is charged on $55,000 - $250,000, while the $250,000 - $400,000 range is taxed at 1.5 per cent. Your total tax bill? $2,375.00.