In Toronto, what is the total land transfer tax rate on the portion of a residential property purchase price between $400,001 and $2,000,000?
Correct Answer
A) 1.5% (Ontario) + 1.5% (Toronto) = 3.0%
For properties in Toronto, buyers pay both Ontario LTT (1.5% on amounts over $400,000) and Toronto Municipal LTT (1.5% on amounts over $400,000), resulting in a combined rate of 3.0% on this portion of the purchase price.
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In Toronto, what additional land transfer tax applies beyond the Ontario Land Transfer Tax?
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