A land transfer tax (LTT) is a fee imposed on property buyers, in addition to the purchase price and legal fees, varying by location. For instance, in Ontario, it’s calculated at 1% for properties up to $400,000 and 2% for those exceeding $400,000. Given its substantial impact on new homeowners’ finances, understanding how to compute your LTT is crucial for budgeting purposes. Wherever you’re buying a home, being aware of the LTT amount is beneficial.