Provincial Rates

Provincial Rates 2017-03-22T10:17:12+00:00

The total tax payable is based upon the value of consideration, which is usually the total purchase price paid for the land. The rate of tax steps up as the value of consideration increases. The specific rates are:

0.5% of the value of consideration for the transfer up to and including $55,000;
1.0% of the value of the consideration which exceeds $55,000 up to and including $250,000;
1.5% of the value of the consideration which exceeds $250,000;
2.0% of the amount by which the value of the consideration exceeds $400,000 for land that contains at least one and not more than two single family residences.

By way of example, if the purchase price of a single family home is $500,000, the tax would be calculated as follows:
on the first $55,000 275.00
on the next $195,000 1,950.00
on the next $150,000 2,250.00
on the last 100,000 2,000.00
Total 6,475.00