A first-time buyer purchases a $450,000 home in Ontario outside the City of Toronto and qualifies for the provincial first-time refund. What land transfer tax is payable after the refund?
Correct Answer
A) $1,475
Ontario LTT on $450,000 is $275 + $1,950 + $2,250 + 2% of $50,000 ($1,000) = $5,475. The first-time purchaser refund is capped at $4,000, so $1,475 remains payable. No Toronto municipal tax applies outside the City of Toronto.
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A buyer who is not a first-time home buyer signed an agreement in June 2025 to buy a new condominium unit in Ontario from a builder for $500,000 before tax, as a primary residence. What is the HST, and what new housing rebate is available?
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A first-time home buyer in Toronto purchases a $500,000 condominium. Which land transfer taxes apply to this transaction?