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provincial transfer tax Tag

Dec 14 2016

Land Transfer Tax in Residential Real Estate Purchase

 In the province of Ontario, a purchaser who buys land or has a beneficial interest in land is required to pay Ontario’s land transfer tax upon the transaction closing. The Land Transfer Tax Act R.S.O. 1990, c. L.6 (“the Act”) governs the tax payable to the Province upon the registration or beneficial disposition of an interest in land. The Act provides that every instrument should have attached to it an affidavit. This affidavit is a sworn document by the purchaser, which sets out the value of consideration. You can find...

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