I receive lots of questions about things to do with purchasing or selling a home, so I thought I’d start a new section on my blog, entitles ‘You Asked’.
Today’s question comes from Fred:
Hi,
What are the 2 taxes on house purchase in ontario?
I am trying to figure out what is important. I was hoping you might be able to give me some insight. Any help would be appreciated. Thanks.
Sincerely,
Fred
Well, Fred, if you are purchasing a resale home outside of the City of Toronto, and you are a Canadian resident, there is only one direct tax on your purchase, and that is the Land Transfer Tax – you can find calculation tables here. You will also be paying GST on the lawyer’s fees and on some of the costs you will pay via your lawyer.
If you are purchasing a resale home in the City of Toronto, you will be paying the City’s Land Transfer Tax; you can find more information on it, including rates, rebate information, etc.
As to to the second part of your question, ‘ . . . . what is important?’, there are many other things to consider when buying a home, such as location, commuting time and distance, resale potential, how the home will fit your wants and needs, overall condition of the home, the neighbourhood, and lots more. If you’d like a no-obligation 30-minute consultation to discuss this, give me a call at 905-208-7002, or send me an email to chris@chrisnewell.com.
Thanks for the question Fred.
