Toronto Canada has the highest Tax to purchase a home based on the sales price of the transaction.
The Ontario Government imposes a Land Transfer Tax
The City of Toronto imposes their own Land Transfer tax
Check what a sale a $750,000 would cost you.
Now they want you to pay a NEW tax on the tax
At the city of Toronto's budget committee meeting on Tuesday, they'll be discussing a proposed $75 administration fee. Torontonians will have to pay the fee in order to process a Municipal Land Transfer Tax payment.
It was put forward by Toronto City Councillor Gary Crawford
If passed, the fee would be imposed as of April 1st and would reportedly save the city $5 million a year.
For more details about the proposal visit http://app.toronto.ca/tmmis/viewAgendaItemHistory.do?item=2016.BU18.1
- See more at: http://www.newstalk1010.com/news/2016/01/24/toronto-budget-committee-proposal-looks-to-add-processing-fee-to-municipal-land-transfer-tax-payments#sthash.uqUAa89l.dpuf