In Ontario, what is the combined Land Transfer Tax rate for a property purchase in Toronto valued at $600,000 for a first-time buyer?
Correct Answer
B) 2.0%
First-time buyers in Ontario receive a rebate up to $4,000 on provincial Land Transfer Tax, but Toronto's Municipal Land Transfer Tax still applies at 1.0% for properties under $400,000 and 2.0% for the portion above $400,000. For a $600,000 property, the total rate is approximately 2.0%.
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