A first-time buyer who qualifies for both first-time rebates purchases an $800,000 home in the City of Toronto. What is the total land transfer tax payable after the Ontario refund and the Toronto rebate?
Correct Answer
D) $16,475
Ontario LTT on $800,000 is $12,475, and Toronto's MLTT is also $12,475. The Ontario first-time refund is capped at $4,000 and Toronto's first-time rebate at $4,475, so the buyer pays $8,475 + $8,000 = $16,475.
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