What is the current Ontario Land Transfer Tax rate for a property valued at $400,000 purchased by a first-time buyer?
Correct Answer
B) No land transfer tax due to first-time buyer rebate
Ontario first-time home buyers receive a full rebate of the Land Transfer Tax on properties up to $368,000, and partial rebates up to $368,000. Since this property is $400,000, there would be some LTT payable, but the rebate significantly reduces it.
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