A client in Toronto is purchasing a $800,000 home. In addition to Ontario's Land Transfer Tax, what additional tax must they pay?
Correct Answer
D) Toronto Municipal Land Transfer Tax
Properties purchased within the City of Toronto are subject to both Ontario's provincial Land Transfer Tax and Toronto's Municipal Land Transfer Tax. For homes with one or two single-family residences, the MLTT brackets match the provincial ones up to $3,000,000, with higher graduated rates above that since April 1, 2026. On an $800,000 home each tax is $12,475, so the buyer pays about $24,950 in total.
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Buyers who are not first-time buyers purchase a $750,000 home in Ontario, outside Toronto, with a $150,000 down payment. What provincial Land Transfer Tax is payable?
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