Rachel Loizos in Legal, Home Buying
You will likely recall the enactment of the City of Toronto Act (the “Act”) as it ushered in the era of the new land transfer tax for the City of Toronto – an additional tax to the provincial land transfer tax already levied against real estate purchasers in Ontario.
The time has come for the Minister of Municipal Affairs and Housing to review the Act and the Honourable Jim Watson has suggested “giving the public a web-based opportunity to share their views about the act and the review process”.
I invite all of our readers to take the opportunity to express an opinion respecting the legislation, including the resulting Toronto land transfer tax. Please visit the website of the Ministry of Municipal Affairs and Housing where you can submit your opinion online.
Rachel Loizos is an associate lawyer at Sotos LLP in Toronto. She practices in the areas of real estate, corporate and commercial law, estate planning and administration.
Photo Credit: cbc.ca
Enough taxes!
This borders on irresponsible - another hit. Could someone explain why we, hard working citizens, need to do this? It there someone at our esteemed City Hall who can count and even better, put himself in our shoes?
I hope that you get similar responses from many, many people. Canadians are very mild folks, never complaining, but it is time to speak out. We need strong leaders, not leeches!
Posted by: Ladka and Gerald Sweeney | January 27, 2009 at 11:39 AM
Duh?
They want to solicit the public's opinion on a tax? Hmmm...I think I can guess what the results will be and the government's reaction.
Anyone want to do a poll on the popularity of oxygen?
Posted by: dontcallmeshirley | January 27, 2009 at 04:18 PM
Duh?
They want to solicit the public's opinion on a tax? Hmmm...I think I can guess what the results will be and the government's reaction.
Anyone want to do a poll on the popularity of oxygen?
Posted by: dontcallmeshirley | January 27, 2009 at 04:19 PM
more taxes so they can pay for the
1.5 million dollar for each new street cars!
(think about it; just a train wagon with an electric engine; nothing fancy. Should have been maximum $100 000 each; and even at 100k it would have been pushing it.)
I don't know how some people can sleep at night!
Posted by: Patrice | January 28, 2009 at 08:04 AM
I have no problem with the Toronto land transfer tax... if the real estate industry really thinks the new tax is the cause for the current decline in sales volumes and prices, they are entirely delusional. How could an extra 1.5-2% (or whatever it is) cause that severe of a decline, when a 10+ year streak of 5-10% increases resulted in nothing but record-setting sales levels.
The tax is not the problem. The over-inflated, unaffordable price-levels are.
Posted by: toronto renter | January 28, 2009 at 09:40 PM
Hey Toronto Renter,
Don't worry, once we flip into February the land transfer tax excuse evaporates.
Posted by: dontcallmeshirley | January 30, 2009 at 03:33 PM