In Ontario, what is the current land transfer tax rate for a property purchased for $500,000 by a first-time buyer?
Correct Answer
A) $6,475 plus applicable rebates
Ontario's land transfer tax on a $500,000 property would be $6,475 before rebates. First-time buyers are eligible for a rebate of up to $4,000, significantly reducing their tax burden. The tax is calculated on a graduated scale with different rates for different value ranges.
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