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One of the largest closing costs buyers forget to budget for — see your province's exact bracket.
Estimated land transfer tax
$10,475
Toronto is the only Canadian city that levies its own municipal land transfer tax on top of the provincial one. First-time buyer rebates can offset some or all of the provincial (and in Toronto, municipal) tax — up to $4,000 provincially in Ontario, up to $4,475 in Toronto, and up to $8,000 in BC.
Toronto is the only Canadian city that levies its own municipal land transfer tax on top of the provincial one — everywhere else in Ontario, you only pay the provincial tax.
Up to $4,000 on Ontario's provincial tax, and up to an additional $4,475 on Toronto's municipal tax if you're buying within the city — enough to fully offset the tax on many typical first-time purchases.
No — rates, brackets, and rebate programs vary significantly by province. British Columbia, for example, uses its own bracket structure and offers its own first-time buyer exemption up to $8,000.
At closing — it's collected by your lawyer or notary as part of the closing process and remitted to the province (and municipality, in Toronto's case) on registration of the property transfer.