A first-time home buyer in Ontario purchases a new home for $450,000. What is the total land transfer tax they would pay after applying available rebates?
Correct Answer
A) $0
First-time home buyers in Ontario purchasing a home for $450,000 would pay $0 in land transfer tax. The provincial first-time buyer rebate covers up to $4,000, and in this case, the calculated land transfer tax would be fully covered by the rebate.
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