Dealing with Mississauga Real Estate, Oakville Real Estate or Toronto Real Estate, the Ontario Land Transfer Tax is one of those evils we cannot avoid.  It is an amount of monies paid to the government upon the transfer of ownership of property.  It is assessed on real property when a deed is registered transferring ownership of the property from one party to another.  Your Lawyer will be able to calculate the exact amount for your specific transaction, however here is an example of the calculation:

 A single family home is purchased for a price of $450,000.

                       $0-$55,000    .005 X $55,000    =     275
             $55,000 - $250,000 .01  X $195,000   =   1,950 
          $250,000 - $400,000 .015 X $150,000   =   2,250
   $400,000 plus        (.015 X .005) X $50,000  =   1,000
                                                                                 
                           Land Transfer Tax Payable    =  $5,475

                       A $300,000 purchase should run  $2975

This should give you a good idea of the costs involved.  Sounds expensive? It is, however there is relief for the first time home buyer.

Land Transfer Tax Refund for First-Time Home Buyers:  Land Transfer Tax applies to all transfers of land in Ontario.

First-time homebuyers may be eligible for a refund of all or part of the tax.

For agreements of purchase and sale entered into before December 14, 2007, the refund only applies on the purchase of a newly constructed home.

For agreements of purchase and sale entered into after December 13, 2007, the refund applies to all homes, whether newly constructed or resale.
 
How much is the Refund?
The maximum amount of the refund is $2,000. If the refund is claimed at time of registration, it may offset the land transfer tax ordinarily payable. If not claimed at registration, the refund may be claimed directly from the Ministry of Revenue. No interest is paid on this refund.

Who Qualifies?
To claim a refund, you:

must be at least 18 years of age;
must occupy the home as your principal residence within 9 months of after the date of transfer; and
cannot have owned a home, or an interest in a home, anywhere in the world.
In addition:

your spouse cannot have owned a home, or an interest in a home, anywhere in the world while being your spouse; and
in the case of a newly constructed home, you must be entitled to a Tarion New Home Warranty.

How Do I Apply?
Qualifying taxpayers may claim an immediate refund at time of registration.  It is suggested that you seek professional Legal advice so as to confirm your qualifications and eligible amount.

If registering electronically, by completing the required statements under the "explanation" tab of the electronic affidavit.
 
If registering on paper, by filing an Ontario Land Transfer Tax Refund Affidavit For First-Time Purchasers of Eligible Homes at the Land Registry Office.  Click here for the FORMS page

What is the application deadline?
Applications for a refund must be made within 18 months after the date of the transfer.
If application was not made at registration and the tax was paid, qualified purchasers may apply for a refund by completing an Ontario Land Transfer Tax Refund Affidavit For First-Time Purchasers of Eligible Homes and send it to the ministry.

For City of Toronto Municipal Land Transfer tax   Click here

For full details on the refund program, please see Ontario Tax Bulletin LTT 1-2008 Land Transfer Tax Refunds for First-Time Homebuyers.