Ontario Expands Land Transfer Exceptions

 

 

The government of Ontario is expanding exemptions under the land transfer tax to include transfers of farmland from a family farm corporation to one or more family members. As a result of the new exemption, a family transferring a farm valued at $500,000 would save $5975 in land transfer tax and a family transferring a farm valued a $1,000,000 would save approximately $13,475 in LTT. The exception complements existing LTT exemptions that apply when farmland is transferred from a family member into a family corporation, and when farms change ownership between members of the same family.