SAY NO to another HOMEOWNER TAX !!!!! An other Land Transfer Tax which could make our life even harder whenever we buy a home . It's Queen's Park that decides if a municipality can introduce a Municipal Land Transfer Tax (MLTT). Your community could be next. Take action now . It only takes seconds to say NO . Just go to the link and say No http://www.donttaxmydream.ca/
To have a better understanding on the Municipal Land Transfer Tax , I will explain how it works.
Who pays these taxes ? Anyone who buys a home or a business ( right now only in Toronto, however municipalities try to raise more money from taxes , therefore will try to introduce these taxes in more municipalities)
How much is it? For residential properties, the tax is charged as a percentage of the sales price. Here's how the tax is calculated on a property with at least one, but not more than two, single-family residences.
- The first $55,000 at: 0.5 per cent
- $55,000 to $400,000: 1.0 per cent
- Over $400,000: 2 per cent
In addition to the MLTT when buying a home you must pay a Provincial Land Transfer Tax ( PLTT )
Up to $55,000 X 0.5% of total property value
From $55,000 to $250,000 X 1% of total property value
From $250,000 to $400,000 X 1.5% of total property value
From $400,000 up X 2% of total property value
Who can get a rebate ? Only First Time Home Buyers
If you are a first time home buyer you are eligible for rebates for both the Municipal and Provincial Land Transfer Tax. Attention, you won't get a full refund, there is a limit .
- Municipal Land Transfer Tax (MLTT): Maximum $3725
- Provincial Land Transfer Tax (PLTT): Maximum $2000
How much cash MLTT generates for the municipality ? Lots!!! In 2010 it generated over $275 millions and in 2012 over $345 millions ( 1 ) . For 2013 it is expected to generate $346 millions.
When do you pay MLTT ? Upfront, when you buy the house, it cannot be added to the mortgage. MLTT is hurting the home buyers . These money could be used by you much better for renovations, furniture, downpayment or just to vacation with your family . The Ontario Real Estate Association (OREA) has launched a campaign against the Municipal Land Transfer Tax (MLTT) called "Say No to Another Home Owner Tax — Don't Tax My Dream".
If you agree with my above statement, go the the link http://www.donttaxmydream.ca/ and say NO, just to do your best for your community and family .