Land Transfer Tax

Definition

• 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.

Synonyms
property transfer tax

Acronyms
LTT

Related Terms and Acronyms

• 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.
• Conveyance Tax — Definition,
  • A tax on the transfer of real property.
• Land Title — Definition,
  • The legal document conveying title to a property.
• Land Transfer Tax Act (LTTA) — Acronym, Canada,
• Land Transfer Tax Affidavit (LTTA) — Acronym, Canada,
• Property Tax — Definition,
  • A levy by a city on real estate and personal property whose amount varies depending on the property's value.
• Real Estate (RE) — Acronym, 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."
• Real Estate Attorney — Definition,
  • A lawyer who specializes in the transfer of land and buildings and property tax issues.
• Sales Tax — Definition,
  • Federal and / or provincial taxes that are applied to purchases.
• Tax (TX) — Acronym,
  • A levy paid by an individual or entity that is collected by a government.
  ➥ Bank account transaction code.
• Title — Definition,
  • Evidence of a person's right to possession ownership of a property.