CALCULATING LAND TRANSFER TAX

In order to determine the amount of money that the purchasers must provide to the law firm to complete the transaction, it is necessary to calculate the amount of land transfer tax and any retail sales tax that must be paid on closing. Calculate the amount of such taxes for each of the following situations. You may assume that none of the buyers are first-time purchasers.

1. Purchase price $185,000.00. It is a single-family residence in North Bay, Ontario
2. Purchase price $275,000.00. It is a single-family residence in London, Ontario
3. Purchase price $197,500.00 of which $1,500.00 is for chattels. It is a single-family residence in Kingston, Ontario
4. Purchase price $425,000.00 of which $3,000.00 is for chattels. It is a single-family residence in Toronto, Ontario
5. Purchase price $510,000.00 of which $6,000.00 is for chattels. The purchase involves three single-family residences in Hamilton, Ontario
6. Purchase price is $519,500.00. It is a single-family residence in Barrie, Ontario
7. Purchase price is $535,000.00 of which $5,000.00 is for chattels. The property contains two single-family residences in Ottawa, Ontario
8. Single family residence in Toronto. Purchase price is $350,000.00