In Ontario, what is the total land transfer tax payable on a $800,000 property purchase in Toronto by a non-first-time buyer?
Correct Answer
C) $16,425
In Toronto, buyers pay both provincial and municipal land transfer tax. For an $800,000 property: Provincial LTT is $11,475 and Toronto Municipal LTT is $4,950, totaling $16,425. Toronto is the only municipality in Ontario with its own land transfer tax.
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