There is Land Transfer Tax for Ontario and if you live in the city of Toronto there is an additional tax there as well. There is a great LTT calculator here http://www.torontorealestateboard.com/LTT_splash/ltt_calculator.htm.

In Ontario:

The tax is calculated as follows:

* 0.5% of the value of consideration for the transfer up to and including $55,000,

* 1% of the value of the consideration which exceeds $55,000 up to and including $250,000, and

* 1.5% of the value of the consideration which exceeds $250,000, and

* 2% of the amount by which the value of the consideration exceeds $400,000 for land that contains at least one and not more than two single family residences.

First-time homebuyers may be entitled to a refund of Ontario’s land transfer tax, up to a maximum of $2,000. This refund is usually claimed at the time of registration.

The Toronto Land Tranfer Tax is calculated as follows:

Price of the Home

Up to and including $55,000.00      0.5%  plus

$55,000.01 to $400,000.00             1.0%  plus

Over $400,000.00                                  2.0%

FOR EXAMPLE: A home with a consideration value of $500,000.01 (excluding GST):

0 to $55,000.00                                   55,000.00 x 0.005 = $275.00

$55,000.01 to $400,000.00      $344,999.99 x 0.01= $3,450.00

$400,000.01 to $500,000.00     $99,999.99 x 0.02= $2,000.00

Total MLTT= $5,725.00

If you are a first-time purchaser of a newly constructed or re-sale residential property. The rebate for first-time home purchasers is up to a maximum of $3,725.00.

Your lawyer applies for the credits for you when registering your home.