In Ontario, what is the land transfer tax rate for a first-time home buyer purchasing a $400,000 property?
Correct Answer
D) $1,775 after applying the rebate
In Ontario, first-time home buyers receive a land transfer tax rebate of up to $4,000. For a $400,000 property, the total land transfer tax would be $5,775, but with the maximum rebate of $4,000, the buyer pays $1,775.
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