In Ontario, first-time home buyers purchasing a home for $450,000 would be eligible for which land transfer tax rebate?
Correct Answer
D) Both provincial and municipal rebates
First-time home buyers in Ontario purchasing a home under $500,000 are eligible for both the provincial land transfer tax rebate (up to $4,000) and, if purchasing in Toronto, the municipal land transfer tax rebate (up to $4,475). These rebates can significantly reduce the tax burden for eligible buyers.
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