In Ontario, what is the current Land Transfer Tax rate for the first $55,000 of a residential property purchase?
Correct Answer
C) 0.5%
Under Land Transfer Tax Act s. 2(1), the rate on the first $55,000 of the value of the consideration is one-half of 1 per cent, or 0.5%. It is the lowest bracket of Ontario's graduated tax, which then rises to 1%, 1.5% and 2%, plus 0.5% more above $2,000,000 for land with one or two single-family residences.
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