Monday, January 25, 2016

Taxing the Land Transfer Tax in Toronto

Instead of curbing spending Toronto City Councillor pitches extra tax on Home and condo purchasers. 

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.

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