HomeHow much is land transfer tax in Canada?
The average land transfer tax in Canada is $14,288 which is the provincial tax based on the average home price in Canada. It is important to know the key aspects of land transfer tax in Canada. This includes who is responsible for paying land transfer tax to strategies that will help you avoid paying land transfer tax.
How to avoid paying land transfer tax in Canada
There are a few situations in which you can avoid paying land transfer tax in Canada. It is important to consult and expert to know if you are required to pay land transfer tax. Some potential situations that allow for land transfer tax exemptions in Canada are:
- property transfers betweeen spouses
- property transfers of farmed land between family members
- property transfers to a family business corporation
Land transfer tax rebates in Canada
There is a first-time home buyer land transfer tax rebate in Canada which helps reduce the amount of provincial land transfer tax paid when purchasing a home in Canada. The maximum rebate offered in Canada is $4,000 which would cover land transfer tax on homes valued up to $368,000 in full.
