January 30, 2017 / Lisa M. Carr / Carr Law Professional Corporation
Changes to the Ontario Land Transfer Tax came into effect on January 1, 2017 as follows:
- Increase from 1.5% to 2.0% for the amount exceeding $400,000 for all land including commercial, industrial and multi residential properties;
- Increase from 2% to 2.5% for the amount exceeding $2 million on one or two single family residences only;
The changes do not apply to agreements of purchase and sale before November 14, 2016.
The changes do not affect the additional City of Toronto Land Transfer tax.