In Ontario, what is the current land transfer tax rate for a property valued at $400,000 purchased by a first-time buyer?
Correct Answer
B) $1,500
First-time home buyers in Ontario receive a rebate of up to $4,000 on the provincial land transfer tax. For a $400,000 property, the standard LTT would be $5,500, but with the first-time buyer rebate of $4,000, the net amount payable is $1,500.
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