Humber/Ontario Real Estate Course 1 Exam Practice

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What is the legal term for a land transfer tax credit for first-time home buyers in Ontario?

  1. First Time Home Buyer Rebate

  2. Land Transfer Tax Rebate

  3. New Home Buyer Incentive

  4. Ontario Home Purchase Discount

  5. Property Transfer Discount

  6. Land Tax Credit

The correct answer is: Land Transfer Tax Rebate

The correct answer is "B. Land Transfer Tax Rebate" because it accurately describes the legal term for the land transfer tax credit available for first-time home buyers in Ontario. This rebate helps alleviate some of the financial burden associated with purchasing a home for the first time. The other options provided do not accurately represent the specific legal term used in Ontario for this benefit.

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