Cash to close: what you need on closing day
Cash to close is your down payment plus closing costs. A first-time buyer paying $650,000 in Toronto with $40,000 down needs about $58,040: $18,040 of closing costs, mostly provincial and Toronto land transfer tax after first-time rebates, plus Ontario sales tax on the insurance premium and legal fees.
Figures as of 2026-11-03.Cash to close calculator
Down payment plus land transfer tax, sales tax on the insurance premium, legal fees and the rest, for your city.
| Item | Amount |
|---|---|
| Land transfer tax / registration fees (after first-time relief) | $10,591 |
| Provincial sales tax on the mortgage insurance premium | $2,050 |
| Legal fees and disbursements | $1,800 |
| Home inspection | $550 |
| Title insurance | $350 |
| Statement of adjustments (prepaid tax, utilities) | $1,200 |
| Moving | $1,500 |
| Closing costs | $18,040 |
- Land transfer tax, after rebates
- $10,591
- Insurance premium (added to the loan, not cash)
- $25,620
- Sales tax on the premium (cash)
- $2,050
- Closing costs as a share of price
- 2.8%
Estimate, not advice. Educational estimate only, not financial, mortgage, tax or legal advice. Lenders, insurers and governments set their own rules and can change them; confirm with a licensed professional before you decide.
Cash to close $58,040: $40,000 down plus $18,040 of closing costs (2.8% of the price).
Assumptions & sources
Assumptions
- Land transfer tax, first-time rebates, mortgage insurance and sales tax on the premium come from the shared MITEY engines, with the rules in force on 2026-04-01.
- Legal, inspection and title insurance are typical figures; replace them with your quotes. The premium is added to the mortgage; only its sales tax (Ontario, Quebec, Saskatchewan) is due in cash.
Sources
- Government of Ontario — Land transfer tax: calculating land transfer tax (effective April 22, 2026). Checked .
- Government of Ontario — Land transfer tax refunds for first-time homebuyers (effective February 10, 2026). Checked .
- City of Toronto — Municipal Land Transfer Tax (MLTT) rates and fees (effective April 7, 2026). Checked .
- Toronto City Council — 2025.EX28.1 — MLTT graduated rates above $3M effective 2026-04-01 (effective December 17, 2025). Checked .
- City of Toronto — MLTT rebate opportunities (first-time purchasers) (effective December 18, 2025). Checked .
- CMHC — Homeowner mortgage loan insurance — Purchase. Checked .
- CMHC — CMHC Home Start (30-year amortization). Checked .
- Department of Finance Canada — Boldest mortgage reforms in decades come into force today (effective December 15, 2024). Checked .
- Government of Ontario — Retail sales tax: insurance and benefits plans (8%) (effective September 18, 2026). Checked .
How does this calculator work?
Land transfer tax, first-time rebates, mortgage insurance and the sales tax on its premium come from the shared MITEY calculation engines, with each province's rules in force on the closing date. Legal fees, inspection and title insurance start at typical figures: replace them with your quotes. Use the result as the "total cash" in the readiness check, which tests whether your savings cover it.
| Price and down payment | $560,000, $45,000 down (8%) |
|---|---|
| Buyer | First-time buyer, resale home, 30-year insured |
| Land transfer tax / registration fees (after first-time relief) | $3,675 |
| Provincial sales tax on the mortgage insurance premium | $1,730 |
| Legal fees and disbursements | $1,800 |
| Home inspection | $550 |
| Title insurance | $350 |
| Statement of adjustments (prepaid tax, utilities) | $1,200 |
| Moving | $1,500 |
| Cash to close | $55,805$45,000 down + $10,805 closing costs |
The insurance premium itself ($21,630) is added to the mortgage, so it isn't in the cash figure; only Ontario's sales tax on it is due at closing.
Open this example in the calculator →Computed November 3, 2026.
Frequently asked questions
How much cash do I need to close on a house in Canada?
Your down payment plus closing costs: land transfer tax (after any first-time rebate), legal fees, title insurance, an inspection, adjustments and, where it applies, provincial sales tax on the mortgage insurance premium. Closing costs often run 1.5% to 4% of the price.
Is the CMHC premium paid at closing?
The premium is usually added to the mortgage. In Ontario, Quebec and Saskatchewan the provincial sales tax on it is due in cash at closing.
Primary sources
- Government of Ontario — Calculating land transfer tax. Checked .
- Government of Ontario — Land transfer tax refunds for first-time homebuyers. Checked .
- City of Toronto — Municipal land transfer tax rates and fees (effective April 1, 2026). Checked .
- City of Toronto — MLTT rebate opportunities (first-time purchasers). Checked .
- Government of British Columbia — Property transfer tax. Checked .
- Government of British Columbia — First time home buyers' exemption (effective April 1, 2024). Checked .
- LégisQuébec — Act respecting duties on transfers of immovables (D-15.1), s. 2. Checked .
- Ville de Montréal — How property transfer duties are calculated (effective January 1, 2026). Checked .
- Government of Ontario — Retail sales tax on insurance premiums. Checked .
- Canada Revenue Agency — GST/HST Memorandum 19-3-10: First-time home buyers' GST/HST rebate. Checked .