Municipal Land Transfer Tax Announcement

Earlier today, we just got out of a meeting with our city planner and legal team and wanted to share insight on the new land transfer tax proposal set to come into effect on Jan 1st 2024.

See the chart we made below for reference;

The Provincial Tax will stay the same for properties over 3 million (Formula is Purchase Price x 2.5% – $13,525.00)

For example, the new Toronto Tax between 3-4 million (Formula will be Purchase Price x3.5% – $43,525)

So if property costs 3,600,000

Today tax is $3,600,000 x 2.5% = $90,000 – $13,525 = $76,475.00 x2 = $152,950.00 Total

After January 1, 2024,

Provincial Tax is $3,600,000. X 2.5% = is $90,000 – $13,525.00 = $76,475

Toronto Tax is $3,600,000 x 3.5% = $126,000 – $43,525.00 = $82,475.00

Total on January 1, 2024 is $76,475.00 + 82,475.00 = $158,950.00

There will be similar formulas for all the other categories.