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.

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.

In Toronto, there are two main parts of taxes that we handle for you:

  • A municipal tax that depends on the municipality of the property
  • An education tax that is the same throughout Toronto.

The City of Toronto also 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.

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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Meet Our CPA

Sohail Afzal, CPA is the founder of GTA Accounting, a Toronto based accounting firm with offices in Toronto, Mississauga and Oakville. The firm touts a high 5 star Google rating and has been selected by Clutch for service awards two years in a row.

Because of Sohail's business background, he is able to pair bookkeeping and tax services with management consulting providing an edge over other similar accounting firms. Offering affordable rates, GTA Accounting works with small business owners and large companies with over $40 million annual gross revenue.

Featured in the Toronto Star, Sohail shares more about his accounting firm and what sets them apart.

Head Office:
Unit 501 – 250 Consumers Road
North York M2J 4V6

GTA featured in Toronto Star

GTA Accounting Featured in the Toronto Star

"GTA Accounting brings one-stop accounting to the cloud"

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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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.

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.

Why Choose GTA Accounting?

Every year in Canada, legislators tweak and twist financial laws, leaving the average individual and business owner at a loss when faced with making financial decisions. We stay on top of new financial and tax laws on your behalf and offer custom made tax accounting and financial advice to help you and your business develop budgets and set financial goals. Still not convinced about what makes us a professional accounting firm? Read further below:

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