A Toronto property sold for $1,200,000. What is the total Land Transfer Tax payable, considering both provincial and municipal taxes?
Correct Answer
A) $33,950
In Toronto, buyers pay both Ontario LTT and Toronto Municipal LTT. For $1,200,000: Ontario LTT = $16,975 and Toronto Municipal LTT = $16,975, totaling $33,950. This significant cost impacts property affordability and market dynamics.
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