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ARTICLE · 25 NOVEMBER 2016

Significant Changes To The Land Transfer Tax Act

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Effective January 1, 2017, Land Transfer Tax rates for commercial real property transactions will increase.

CanadaTax
Brennan Carroll
Brennan Carroll
Jamison Young
Jamison Young
Braek Urquhart
Braek Urquhart
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On November 16, 2016, the Province of Ontario introduced Bill 70, Building Ontario Up for Everyone Act (Budget Measures), 2016 for first reading. Bill 70 brings significant changes to the Land Transfer Tax Act ("LTTA").

Effective January 1, 2017, Land Transfer Tax ("LTT") rates for commercial real property transactions will increase from 1.5 per cent to 2 per cent for the portion of the value of consideration given for the property that exceeds $400,000. This increased rate applies to all real property transactions except for conveyances transferring only one or two single-family residences. This is the first time rates have changed since 1989. These changes do not affect Toronto's Municipal Land Transfer Tax by-law, and Toronto has not indicated whether it is considering amending this regime.

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