How much cash do you need to close in Ontario?

Separate upfront cash from financed costs

Your down payment is paid upfront. If your purchase requires mortgage default insurance, its premium is usually added to the mortgage rather than paid at closing. Ontario's 8% retail sales tax on that premium cannot be added to the insured loan and must be paid in cash.

Our calculator lists estimated legal fees, title insurance, appraisal and inspection separately. The defaults are planning estimates you can edit; actual quotes and lender requirements can differ.

Ontario land transfer tax

Ontario applies marginal brackets to the purchase price. For a $500,000 qualifying residential purchase, the provincial land transfer tax before any rebate is $6,475. A qualifying first-time buyer may receive a refund of up to $4,000, limited by the tax payable.

First-time buyer eligibility has additional requirements beyond ticking a box, including ownership history and occupancy. Confirm your eligibility and the transaction details with the Ontario government and your legal professional.

Toronto has a second tax

A purchase in Toronto can also attract municipal land transfer tax. At $500,000, the standard municipal calculation is $6,475 before any rebate; an eligible first-time buyer may receive a municipal rebate up to $4,475. Toronto's high-value brackets changed on April 1, 2026; the calculator uses the updated rates for the residential category it models.

The estimate does not cover every property type, exemption, non-resident tax or individual transaction fee. Get a closing statement from your lawyer before relying on a budget.

A useful check before making an offer

Enter your savings as the down payment, then compare the calculator's cash-to-close amount with cash you actually have available. Keep a separate reserve for moving, repairs and emergencies instead of treating a maximum mortgage estimate as the whole budget.