Land Transfer Tax Calculator: Best Device for Mortgage Payments and Dealings!

Every time a piece of land changes hands in Ontario, Canada, a land transfer tax is payable. First time home buyers can get the options of rebate on the entire amount that is decided under land transfer tax. For getting the core calculations, many of the mortgage professionals suggest using the land transfer tax calculator.

Land transfer taxes are calculated based on the purchase price of your property. Each province sets its own land transfer tax rates, and there are also special rules when buying a dream home in Ontario, Canada.

With the proper process of the rules and regulations under the state policy of Canada, you can claim the rebate at time of registration. You can ordinarily do this with your lawyers' help. It may offset the land transfer tax payable wholly, depending on your purchase price.

To be eligible for a refund, you:

• Have to be 18 years of age or older
• The home must be your principal residence for at least nine months after the date of transfer; and
• You cannot have previously owned a home, or have been part owner in a home, anywhere in the world.

Formula to calculate Land transfer tax:

Range 1 = Lowest number between (Land/Property value or Range 1 maximum) x (Provincial rate Range 1 / 100)+

Range 2 = Lowest number between (Land/Property value or Range 2 maximum) - (Range 1 maximum) x (Provincial rate Range 2 / 100) +

Range 3 = Lowest number between (Land/Property value or Range 3 maximum) - (Range 2 maximum) x (Provincial rate Range 3 / 100)

= Total of transfer tax = Range 1 + Range 2 + Range 3

What is the portion of land transfer tax on the different amounts?

• 0.5% on the portion $0 to $55 000
• 1% on the portion $55 000,01 to $250 000
• 1.5% on the portion $250 000.01 to $400 000
• 2% on the portion $400 000,01 and more
• 2.5% on the portion $2 000 000,01 and more where land contains 1 or 2 single family residence(s).

Wrapping Up

Hence, if you are looking to get more information on the land transfer tax calculator online, then you need to seek the help of RateShop.ca. Theirs is the online mortgage comparison website where you can get all information on how to use the calculator quickly and efficiently!