Real estate tax accountant in downtown toronto

Real Estate Tax in Downtown Toronto

Partner with GTA Accounting’s professional and highly experienced Chartered Accountant Professionals for all your real estate tax needs.

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GTA Accounting is a highly rated CPA Firm in Toronto

With over 200 5-star reviews on Google, GTA Accounting has also won awards on Clutch 2 years in a row, featured in the Toronto Star and is one of the Best Companies for 2022 on "ThreeBest Rated".

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What Are Real Estate Taxes in Downtown Toronto

Real estate taxes are the taxes that are based on the assessed value of your property. You are obligated to pay these taxes if you own a property or a piece of real estate land. These taxes are generally used for city services in downtown Toronto like police, fire department, and education, among others. Whether you live in your property or have invested in one, you will have to pay these taxes on the dot. That is where GTA Accounting comes in. We take care of all your real estate tax needs. We make sure that we file your taxes and educate you about them, so you are prepared for future use.

The City of Toronto has an additional tax by the name of City Building Fund Levy used for housing projects and public transit. We make sure that we calculate your taxes accurately according to the type of property you have. It could be commercial, industrial, farmland, residential, or multi-residential. If you have a home, it will typically come under the residential property tax. You don’t need to worry about it at all. We take all the burden off your shoulders so you can have peace of mind.

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what are real estate taxes in downtown toronto
wide range of real estate tax services downtown toronto

A Wide Range of Real Estate Tax Services

We do it all, from pre-acquisition to property disposition and everything in between. Our Chartered Professional Accountants have spent years in the real estate tax industry and know exactly what to do and when to do it. Our attention to detail and commitment has helped us make a name for ourselves in downtown Toronto and throughout GTA. There are many opportunities to be had in the real estate game if you know what to do. When you partner with us, you get to benefit from all those strategies and opportunities. This is the reason why our clients prefer to work with us rather than anyone else.

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Be Prepared for Real Estate Tax in Downtown Toronto

Just looking at the number of taxes, you might think investing in real estate or purchasing a home in downtown Toronto is not a good idea. However, the truth is that real estate can be a very beneficial investment, whether you want to live in it or keep it as an investment. The main thing is to prepare yourself and educate yourself to not face any adverse situations in the future. GTA Accounting helps you with your real estate taxes so that you can buy and keep up with your properties.

Even if you are thinking about investing in real estate, it is a worthwhile opportunity. There is a significant demand for real estate in downtown Toronto and the GTA area, and you would do well here. But if you don’t prepare for the taxes, the situation could turn sour quickly. Our CPAs are well-versed in Toronto real estate tax filing and preparation and will do it all for you, so you don’t have to. This will take away the anxiety and tension and leave you with a sense of peace and tranquility. Let us make sure that you are achieving your goal from your properties.

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real estate tax in downtown toronto
land transfer taxes in downtown toronto

Land Transfer Taxes in Downtown Toronto

If you are the buyer in Toronto, you will have to pay the land transfer tax, not the seller. The land transfer tax is calculated on a sliding scale and paid on closing. But wait, there’s more (unfortunately). There is also a second land transfer tax in Toronto. It is calculated as under:

  • 0.5% up to and including the first $55,000
  • 1% of the value which exceeds $55,000 up to and including $250,000
  • 1.5% of the value between $250,000 and $400,000
  • 2% of the value between $400,000 and $2,000,000
  • 2.5% of the value over $2,000,000

Now comes the good news. You don’t have to do any of it by yourself. All you need to do is partner with GTA Accounting, and our real estate tax accountants will take it from there. They will do the math, and they will prepare the documentation, file the taxes, and more.

That’s not all. There’s another good news. If you are a first-time buyer, you could be eligible for a refund. It could be all or part of the land transfer tax. Our accountants will make sure that you get to avail this opportunity and save your money, time, and effort.

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Why Hire GTA Accounting for Real Estate Taxes?

Here at GTA Accounting, we take care of it all for you. You don’t have to worry about a thing. Not only your real estate taxes, but we also provide corporate tax services and more. As far as property tax goes, it is calculated according to the type of property you have. These taxes are changed every year, and our professional tax accountants ensure that they keep up to date with the changes.

They also make sure that you get all the leverage you can, like choosing to pay the taxes in installments instead of a lump sum. We can also make it so that you can pay your real estate taxes with your mortgage payments. This way, your lenders will take care of the payments directly. If your property is your principal residence, you don’t have to pay any capital gain taxes. It could be an apartment, trailer, condo, mobile home, cottage, or houseboat. But if you sell your investment property, then you are subject to capital gains taxes. Again, our highly experienced and skilled accountants take care of it all for you.

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real estate taxes gta accounting downtown toronto

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Meet Our CPA

Nathan Kazmierski cpa toronto

Nathan Kazmierski, CPA

Tax & Assurance Partner

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Sukhdeep Thind, CPA, GTA Acclunting

Sukhdeep Thind, CPA,

Auditing, External CFO

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Sohail Afzal, CPA,

Tax Accounting Partner

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Our Locations

Suite #504 - 260 Spadina Ave.,
Toronto, ON M5T 2E4
Unit 501 – 250 Consumers Rd,
North York M2J 4V6
Unit 101, 1056 Wilson Ave,
North York, ON M3K 1G6
5770 Hurontario St Unit 102,
Mississauga, ON L5R 3G5