Ontario Hikes Land Transfer Taxes | KPMG | CA

Ontario Hikes Land Transfer Taxes

Ontario Hikes Land Transfer Taxes

Businesses operating in Ontario will be affected by plans to increase Land Transfer Tax.

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Businesses operating in Ontario will be affected by the province’s announcement that it intends to increase the Land Transfer Tax on certain real estate property to 2% (from 1.5%) on the portion of the value above $400,000. In addition, the tax on certain family residences is set to increase to 2.5% (from 2%) on the value above $2 million. These changes, announced in the province’s 2016 fall economic statement, are effective January 1, 2017.

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