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