Ever wondered what that loathsome land transfer tax is being used for? Ontario has generated nearly $1.4 billion in revenue each year for the past four years through the tax, which buyers must pay upfront and in full when they close on a home purchase. The City of Toronto, which introduced its own Municipal Land Transfer Tax under former mayor David Miller, generated about $350 million in 2014 from this transaction fee, which when combined with provincial tax adds about 4% to the price of an average home in the city. That’s an extra $24,000 if you’re buying a $600,000 property, a hefty chunk of change that has to be forked over, in its entirety, at closing. Land transfer taxes cannot be added to a mortgage. It’s worth noting that no other municipality has land-transfer taxation powers like Toronto’s. Homebuyers here have the dubious distinction of being the only ones in Ontario to be double-taxed.