Land Transfer Tax

Importance: 0.43

Is a company: no

Is a proper noun: no

Synonyms

  • property transfer tax

Acronyms

  • LTT

Definition of Land Transfer Tax

  1. A tax imposed by some provincial governments ranging from 0.5 to 4.0 per cent and paid by the purchaser of a property at closing. It is based on the selling price of the house and is applied whenever a property is transferred from one owner to another. Some provinces may have rebates available if you are a first time homebuyer.

Related Terms and Acronyms

  • Property Tax Definition,
    • A levy by a city on real estate and personal property whose amount varies depending on the property's value.
  • Conveyance Tax Definition,
    • A tax on the transfer of real property.
  • Title Definition,
    • Evidence of a person's right to possession ownership of a property.
  • Land Transfer Tax Act (LTTA)Acronym, Canada,
    • Tax (TX) Bank,
      • A levy paid by an individual or entity that is collected by a government.
      Bank account transaction code.
    • Agreement of Sale (AOS) Acronym,
      • A document in which a property's buyer and seller approve the price and other terms of the transfer of title.
    • Sales Tax Bank,
      • Federal and / or provincial taxes that are applied to purchases.
    • Real Estate Attorney Definition,
      • A lawyer who specializes in the transfer of land and buildings and property tax issues.
    • Real Estate (RE) Bank, Very Important,
      • A section of land including all the natural resources (above and below the surface) and any permanent buildings or structures located on it. Also known as "realty."
    • Land Transfer Tax Affidavit (LTTA)Acronym, Canada,
      • Land Title Definition,
        • The legal document conveying title to a property.
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