Everything you need to know about land transfer taxes

Land transfer taxes are fees that homebuyers pay when they purchase a property, except in Saskatchewan and Alberta. All provinces in Canada have land transfer taxes, which are calculated as a series of percentages of the sale price. The more you pay for the property, the more you pay in taxes. If you're buying in the City of Toronto, you pay both provincial and municipal land taxes, which effectively doubles the cost. First-time buyers are eligible for full or partial refunds on their provincial and municipal taxes if they meet specific requirements. The buyer is responsible for paying all taxes, and the payment is made directly to the province/municipality once the official title transfer of the new property is registered in the buyer's name. Exceptions apply to specific transfers, such as between spouses or farmed land between family members.