{"id":1423,"date":"2019-06-20T15:28:44","date_gmt":"2019-06-20T15:28:44","guid":{"rendered":"https:\/\/areslaw.ca\/parry-sound\/?p=1423"},"modified":"2019-06-20T15:28:53","modified_gmt":"2019-06-20T15:28:53","slug":"land-transfer-taxes-home-cottage","status":"publish","type":"post","link":"https:\/\/areslaw.ca\/parry-sound\/land-transfer-taxes-home-cottage\/","title":{"rendered":"Land Transfer Taxes &#038; Your Home or Cottage Purchase"},"content":{"rendered":"\n<p>On\nthe hunt for a new home or cottage? The spring and summer real estate market is\na great opportunity to buy a property and hopefully negotiate a great price!\nUnfortunately, one thing that can\u2019t be negotiated when purchasing a home is the\nland transfer tax. For any property purchase including a home, cottage,\ncondominium, commercial real estate or vacant lot, buyers must pay land\ntransfer taxes as part of their closing costs. This amount is based on the\nformally assessed value of the home (not just the purchase price) and is usually\npaid during the \u2018closing\u2019 period. Let\u2019s learn a bit more about land transfer\ntaxes and how they may impact your next home purchase: <\/p>\n\n\n\n<p><strong>Calculating\nland transfer tax<\/strong><\/p>\n\n\n\n<p>Land transfer tax rates can vary depending on where you live in\nCanada, but here in Ontario it\u2019s a fairly standard formula which is based on\nthe property\u2019s value. If you bought a home in Huntsville in 2019 for $500,000\nfor example, you can expect to pay approximately $6,475 in land transfer taxes.\nHowever, if you\u2019re a first-time home buyer, there\u2019s good news! You can qualify\nfor a rebate of up to $4000 to help offset this expense. You can check out this\nhandy <a href=\"https:\/\/www.ratehub.ca\/land-transfer-tax\">calculator<\/a> to\ndetermine the approximate land transfer tax bill based on your municipality. The\nproceeds from land transfer tax payments go to cover provincial and municipal\ngovernment expenditures such as fire\/ambulance\/police, hospitals and health\ncare, education, roads, environmental protection, and other such services. <\/p>\n\n\n\n<p><strong>Is this tax\nmandatory? <\/strong><\/p>\n\n\n\n<p>It\u2019s just not easy to get around paying taxes, and the same holds\ntrue for land transfer taxes. They are essentially mandatory for all property\npurchases. However, in some arrangements where there is a \u2018bare trust\u2019 in place\nfor example, land transfer taxes aren\u2019t an issue as there is no legal change in\nthe <em>title<\/em> of the property. A bare trust is rather uncommon, but it involves a\ntrustee who \u2018holds\u2019 the property for a beneficiary. So, while the trustee remains\nofficially on the deed and has legal title to the property, the beneficiary is\nresponsible for all things related to the ownership of the property, including\nthe mortgage, upkeep, and so on. Keep in mind that bare trusts are complex\nagreements, best used in unique situations. &nbsp;<\/p>\n\n\n\n<p>When buying a property, the best advice is to\nplan ahead, know your budget, and understand your legal rights and responsibilities.\nThis involves knowing about all the additional costs that come with a home\npurchase \u2013 above and beyond the negotiated price \u2013 so that there are no big\nsurprises that could throw a wrench into your plans. <\/p>\n\n\n\n<p>Whether you are buying or selling in the Parry Sound or Muskoka\nregion, connect with our legal team at Ares Law. We specialize in real estate\nlaw, and it\u2019s our job to look after our clients and ensure that their home\nbuying or selling process runs smoothly. Call today to set up an appointment (705)\n746-6444; we\u2019re here for you. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>On the hunt for a new home or cottage? The spring and summer real estate market is a great opportunity to buy a property and hopefully negotiate a great price! Unfortunately, one thing that can\u2019t be negotiated when purchasing a home is the land transfer&hellip;<\/p>\n","protected":false},"author":1,"featured_media":1424,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[67,131,132,130,55,106,33],"class_list":["post-1423","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-buying-a-cottage","tag-buying-a-house","tag-closing-costs","tag-land-transfer-taxes","tag-muskoka","tag-parry-sound","tag-real-estate-lawyer"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Land Transfer Tax For Home &amp; Cottage - Ares Law Parry Sound<\/title>\n<meta name=\"description\" content=\"Land transfer taxes are a big part of your home or cottage purchase \u2018closing costs\u2019. 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