A first-time buyer purchases a $400,000 home in Ontario outside the City of Toronto and qualifies for the provincial first-time refund. How much land transfer tax is payable after the refund?
Correct Answer
B) $475
Ontario LTT on $400,000 is $275 (0.5% of $55,000) + $1,950 (1% of $195,000) + $2,250 (1.5% of $150,000) = $4,475. After the maximum $4,000 first-time refund, $475 remains payable.
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In Ontario, what is the current land transfer tax rate for a property purchased for $500,000 by a first-time buyer?
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For a first-time buyer purchasing a $400,000 home in Ontario outside the City of Toronto, what is the provincial land transfer tax before and after the maximum first-time refund?