How much taxes do I need to pay if I'm selling a new house that worth over 1.5 million?

This is something that is best discussed with a lawyer for exact amounts but depending on a few things you may only have to pay the HST on commissions paid.

The buyer pays the Land Transfer Tax not you.

If you are a resident then there is usually not tax, if you are a non resident then there will be HST on the sale that the buyers agent will require you to pay.

If this is your primary residence then you do not need to pay tax, if however this is an investment or buisness/revenue generating property then you will have to pay capital gains tax. This is calculated with your income tax, for an exact amount you would need to speak to your accountant, but a rough estimate would be 30% of the amount that your house has increased in value since you purchased it, for example, if you purchased for $1,000,000 and sell for $1,500,000 then extimate about 30% of the $500,000, again, I can't stress enough to speak to your accountant and lawyer for clairifaction about your specific situation.

Have a happy holiday and I hope this helps. If I can be of further assistance please send me an e-mail apatterson@sutton.com or give me a call.

If you're selling your primary residence, you do not pay taxes; the Buyer pays Land Transfer Tax.