The biggest purchase of your life comes with additional fees
When buying a home in Canada, you will need to pay land transfer tax or a flat fee. If you’re buying in Toronto, there’s also a municipal LTT, so you’ll be taxed twice. Since LTT is based on your purchase amount, it’s often your largest closing cost expense. How much you’ll pay depends on where you’re buying — ranging anywhere from 0.5% to 3% on average — so use an online calculator to estimate your costs.
These costs would clearly be outlined by your lawyer. You can also have them give you a rough estimate, and plan accordingly.When buying a new construction house or condo, you will be charged goods and services tax or harmonized sales tax . The amount you’ll pay depends on the province you live in. Some builders include GST/HST in the purchase price, so it’s just part of your mortgage. However, if the sale price says $500,000 + HST, you’ll need to come up with the taxes upfront when closing.Article content
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