UrbanVigor
Active Member
In Ontario, I understand that the Land Transfer Tax is 2% on the amount that exceeds $400K. Also, in Toronto, the city land transfer tax is fully rebated if the purchase price is under $400K.
My question is does the purchase price of $400K+ include the purchase price of a parking spot and locker? Or are they considered 3 separate purchases under $400K?
For example, if the condo costs $399,900, parking spot is $30,000, and locker is $5,000, is land transfer tax calculated on the sum of $434,900 or is it calculated on each individual item purchased?
I wonder because it can be argued that 3 separate properties are being purchased. Much like buying a condo without parking, but then buying a parking spot after the purchase of the condo.
How is land transfer tax calculated over the entire purchase of condo, parking spot, and locker?
My question is does the purchase price of $400K+ include the purchase price of a parking spot and locker? Or are they considered 3 separate purchases under $400K?
For example, if the condo costs $399,900, parking spot is $30,000, and locker is $5,000, is land transfer tax calculated on the sum of $434,900 or is it calculated on each individual item purchased?
I wonder because it can be argued that 3 separate properties are being purchased. Much like buying a condo without parking, but then buying a parking spot after the purchase of the condo.
How is land transfer tax calculated over the entire purchase of condo, parking spot, and locker?