What is the current Ontario Land Transfer Tax rate for a residential property purchased for $500,000 by a first-time buyer who is not purchasing in Toronto?
Correct Answer
C) 0.5% on the first $55,000, then 1% on the next $345,000, then 1.5% on the remainder, minus the first-time buyer rebate
Ontario Land Transfer Tax is calculated at 0.5% on the first $55,000, 1% on amounts from $55,001 to $400,000, and 1.5% on amounts over $400,000. First-time buyers receive a rebate of up to $4,000.
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