Anyone who bought a home in Toronto after February 1st, 2008 got hit with a double land transfer tax, equating to approximately 2% more (based on the sale price). My fellow real estate agents and I have been fighting this double tax for years. Now the provincial government has been reviewing the powers of Ontario municipalities and is seriously considering giving ALL municipalities the ability to charge a second land transfer tax, on top of the provincial land transfer tax. It’s important that we prevent the spread of the Land Transfer Tax because it will be much more difficult to convince Toronto City Council to provide relief from this tax if all other municipalities follow suit.
I encourage you to visit www.DontTaxMyDream.ca to quickly and easily send a message to your MPP telling them that you oppose new municipal land transfer taxes. It only takes one minute of your time, but makes a big difference in our efforts.
Feature image via OREA
