Under Ontario's Land Transfer Tax system, who is primarily responsible for calculating and remitting the provincial Land Transfer Tax?
Correct Answer
B) The buyer's lawyer
The buyer's lawyer is typically responsible for calculating and remitting the Land Transfer Tax as part of the closing process. They ensure the correct amount is paid based on the purchase price and file the necessary documentation with the province.
Why This Is the Correct Answer
The buyer's lawyer is responsible for calculating and remitting Land Transfer Tax under Ontario's system because they handle all legal aspects of the property transfer on behalf of the buyer. As part of their conveyancing duties, they calculate the tax based on the purchase price using Ontario's tiered rate structure, prepare the necessary documentation, and ensure payment is made to the province before title transfer can be completed. This responsibility is established through provincial legislation and standard legal practice.
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