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There have been talks about the land transfer tax in Toronto and whether it will be sticking around or not. Mayor Ford has declared against it; however, this didn’t go to well with the council. This tax has been in place before Rob Ford became mayor in 2010 and has yielded $1.26 billion since it came to life under David Miller in 2008.
Even councillor Frank Di Giorgio, who was appointed as the city’s new budget chief, said right after being appointed that he wanted to phase it out. There are others who want to cap the land transfer tax like councillor Denzil Minnan-Wong at $340 million a year. If it ever went above that then it would be reduced the following year. To give an idea the city get’s around $300 million a year from the land transfer tax.
Rob Ford’s position in trying to get rid of it completely has upset a lot of people saying that Toronto would have continued to struggle with balancing its budget, finance staff claim. Nonetheless, it’s making a healthy progress now that the issue is being talk more and more in the news. We have everyone coming out and stating their opinon or ideas on the subject matter. What are your thoughts on this? Comment bellow and check out the Toronto Star on their take with Rob Ford.
If you are thinking of purchasing a Toronto discount real estate home here is a quick guide on how to calculate land transfer tax:
Purchase Price Calculation for Land Transfer Tax
$0 – $55,000 Amount x .005
$55,001 – $250,000 (Amount x .01) – 275
$250,001 – $400,000 (Amount x .015) -1,525
Greater than $400,000 (Amount x .02) – 3,525
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