Definitions for "Land transfer tax"
Keywords:  provincial, ontario, ltt, lin, levy
A levy charged to the purchaser of a property upon registration of the instrument of conveyance. Usually a percentage of the purchase price.
Although there is a limited transfer-tax-saving promotion currently in force for first-time buyers of brand-new homes in Ontario, the Land Transfer Tax is generally a fee charged by the provincial government for transferring the property from the seller to the purchaser, paid at the time of closing by the buyer. In Ontario, the tax varies from one-half to two per cent, as follows: the basic tax is 1/2 of 1% on the first $55,000 (1/2 x 1/100 x 55,000 = $275), and 1% on the excess to $250,000 (1/100 x 195,000 = $1950; 275+1950 = $2,225 LTT for a $250,000 home), and 1-1/2% on the amount over $250,000 to $400,000, and 2% on the amount over $400,000. Tax table lin
payment to the Provincial Government for transferring ownership of a property.