I believe the TTC plan is to eliminate day passes and go to Presto, with the max charge feature you mentioned. However right now the TTC is basically not Presto-enabled. It's on a few subway stations, the streetcars, and that's it. It doesn't support transfers, reduced tickets, passes of any form, etc. This will all change when the TTC finally finishes rolling out Presto, which is probably 2017 at this point.
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