What is the maximum first-time home buyer rebate available for Ontario Land Transfer Tax?
Correct Answer
A) $4,000
The Ontario first-time home buyer land transfer tax rebate provides up to $4,000 in relief for eligible first-time buyers. This rebate can eliminate land transfer tax on homes up to approximately $368,000.
Why This Is the Correct Answer
The Ontario first-time home buyer land transfer tax rebate provides a maximum of $4,000 in relief for eligible purchasers. This rebate is designed to help first-time buyers by reducing or eliminating the provincial land transfer tax burden. The rebate can completely cover the land transfer tax on homes valued up to approximately $368,000, making homeownership more accessible for first-time buyers in Ontario.
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- → In Ontario, what is the standard Land Transfer Tax rate for a residential property purchase of $400,000?
- → Which of the following best describes when land transfer tax is typically paid?
- → A first-time buyer purchases a $450,000 home in Ottawa, outside the City of Toronto. Which land transfer tax relief can they claim?
- → Which type of real estate transaction is generally exempt from GST/HST in Canada?
- → A first-time home buyer signs an agreement in May 2026 to buy a newly built home in Ontario from a builder for $450,000 before tax, to live in as a primary residence. If all conditions are met, what is the most HST that can be rebated under the federal and Ontario rebates combined?
- → A buyer purchasing a $2 million commercial property in Alberta asks what provincial land transfer tax will be due on closing. What is the correct response?
- → Under the Income Tax Act, what is the principal residence exemption?
- → Sarah bought an investment property 3 years ago for $400,000 and sells it today for $550,000. What amount will be subject to capital gains tax?
- → Under Ontario's Assessment Act, how often does the default schedule call for property to be revalued for assessment purposes?
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