What is land transfer tax?

Land transfer tax is a tax imposed by the provincial government that is required to be paid by the buyer of a property upon closing date. This tax is calculated based upon the purchase price of a property, and first time homebuyers could be eligible for a refund for a portion or even all of the land transfer tax. For more information about calculating the land transfer tax within your budget, and about vacant land, please see the following link: https://www.ontario.ca/document/land-transfer-tax/calculating-land-transfer-tax#section-2