A first-time home buyer in Toronto purchases a $500,000 condominium. Which land transfer taxes apply to this transaction?
Correct Answer
C) Both Ontario and Toronto Municipal Land Transfer Taxes
In Toronto, buyers pay both the Ontario Land Transfer Tax and the Toronto Municipal Land Transfer Tax. While first-time buyers may qualify for rebates on both taxes, they are still initially assessed both taxes before any rebates are applied.
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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?
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