What will the province take?
Ontario charges land transfer tax on a sliding scale: 0.5% to $55,000, 1% to $250,000, 1.5% to $400,000, 2% to $2,000,000 and 2.5% above that. Toronto levies a second, matching municipal tax. First-time buyers can claim up to $4,000 back provincially and a further $4,475 in Toronto. Most of Dufferin County — Orangeville, Mono, Shelburne, Amaranth, Grand Valley — pays the provincial tax only.
Buyers who are not Canadian citizens or permanent residents also pay Ontario’s Non-Resident Speculation Tax — 25% of the purchase price, province-wide, since 25 October 2022. Some purchasers are exempt (certain nominees, protected persons, and spouses of a citizen or permanent resident); ask your lawyer.
Estimates only. Confirm the final figure with your real estate lawyer before closing.