In Toronto, what Municipal Land Transfer Tax rate applies to the portion of a single-family home's price between $400,000 and $2,000,000?
Correct Answer
A) 2.0%
Toronto's Municipal Land Transfer Tax is graduated from the first dollar: 0.5% up to $55,000, 1.0% to $250,000, 1.5% to $400,000, and 2.0% on the portion from $400,000.01 to $2,000,000, with higher rates above $2 million for properties with one or two single-family residences. So 2.0% is the marginal rate for that band, and the MLTT is payable in addition to the provincial land transfer tax.
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