PTT Calculator and Exemptions
Enter Fair Market Value:
Total Property Transfer Tax:
What is Property Transfer Tax (PTT)?
When you purchase real estate, you have to pay Property Transfer Tax (PTT) to the provincial government. The tax applies to all types of real estate, including residential, commercial and industrial. It is based on your property’s Fair Market Value.
What is Fair Market Value?
Fair Market Value is the price that the seller would receive on the open market. Often it is the actual price you paid for the property.
How is it Property Transfer Tax Calculated?
The Property Transfer Tax rate increases with the property’s Fair Market Value:
- 1% on the first $200,000 of the property’s Fair Market Value
- 2% on the amount between $200,000 and $2,000,000
- 3% of the remaining Fair Market Value.
Here Are Some Examples:
If Fair Market Value is $150,000, PTT is $1,500.
$1,500 is 1% of $150,000.
For property valued at $700,000, PTT is $12,000.
That’s 1% on the first $200,000 ($2,000) PLUS 2% on the remaining $500,000 ($10,000).
If the property is $2,500,000, PTT is $53,000.
That’s 1% on the first $200,000 ($2,000), 2% on $1,800,000 ($36,000), and 3% on $500,000 ($15,000).
Are There Any Exemptions?
When you purchase or gain an interest in a property, you might qualify for a tax exemption. If you qualify for an exemption, you need to complete the Special Tax Return when you register the property transfer.