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Luxury Tax on the sale of properties over $2M

TORONTO -- A Toronto budget briefing note reveals that the city could yield an additional $18.7 million in revenue this year—if the city council is willing to implement a luxury home tax. Properties valued at more than $2 million are currently subject to a municipal land transfer rate of two-and-a-half percent, in addition to provincial fees, but proponents argue that a one-per-cent hike could...

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