What is the current land transfer tax rate for a first-time home buyer purchasing a $600,000 home in Ontario?
Correct Answer
C) $4,475
Ontario first-time home buyers receive a rebate of up to $4,000 on provincial land transfer tax. The total provincial LTT on a $600,000 home would be $8,475, minus the $4,000 rebate equals $4,475. The rebate applies to the provincial portion only, not any municipal land transfer tax.
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