Ontario Real Estate Licensing Exam Practice · Question
Navjot is purchasing a pre-construction condo in North York for $750,000. What is the total Ontario Land Transfer Tax (LTT) Navjot must pay?
Ontario LTT is calculated as: 0.5% on first $55,000 ($275) + 1% on next $195,000 ($1,950) + 1.5% on next $250,000 ($3,750) + 2% on remainder ($250,000 * 2% = $5
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Question: Navjot is purchasing a pre-construction condo in North York for $750,000. What is the total Ontario Land Transfer Tax (LTT) Navjot must pay?
Answer options: ✅ $11,475
- $8,475
- $14,475
- $22,950
Correct answer: $11,475
Explanation: Ontario LTT is calculated as: 0.5% on first $55,000 ($275) + 1% on next $195,000 ($1,950) + 1.5% on next $250,000 ($3,750) + 2% on remainder ($250,000 * 2% = $5,000) = $11,475. Note that North York is part of Toronto, but the specific question only asks for Ontario LTT, not Toronto MLTT.
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