Do you believe that our City officials are asking the Provincial government to allow them to charge another level of tax. This is so disgusting that the only way these politicians know how to balance the budget is to charge more tax.
We need responsible government but so far we have received irresponsible government. This has got to stop and currently we need to get our house in order. The solution is not more debt nor is it higher taxes.
We already have HST at 13%, Income tax at 45% (the highest Marginal tax rate), Property Taxes and Land transfer tax, we don't need another tax. Oh and by the way did I mention how they sneaked in the user rates and the sewer tax?
We need to stop now and you need to speak up.
Be informed, know the facts.
If a Municipal Land Transfer Tax is allowed in your community you would pay the following land transfer taxes on a $400,000 home:
- $4,475 Current Provincial Land Transfer Tax
- $3,725 New Additional Municipal Land Transfer Tax
- $8,200 Total land transfer taxes
A second land transfer tax would make the Canadian dream of owning your own home much harder:
* Based on the Ipsos Reid OREA Municipal Land Transfer Tax Survey, March 2014
90% of Ontarians surveyed think home ownership is part of the Canadian dream
85% think home ownership is important to them
84% of Ontarians surveyed outside Toronto oppose allowing a Municipal Land Transfer Tax in their communities.
74% would consider moving to a community without the tax, leaving friends and family behind
7 in 10 Ontarians surveyed said it would limit their ability to buy a home and said it would put them in greater debt.
73% said they would have to spend less on renovations, furniture and appliances, which would hurt the local economy
Since its implementation in 2008, the Toronto Land Transfer Tax has had a serious negative economic impact on the city, including:
* Based on the Altus Group Study on the Economic Implications of the Municipal Land Transfer Tax in Toronto, March 2014
The loss of almost
The loss of about
in economic activity
The loss of about
in potential labour income
The reduction of
$1.2 billion in GDP
If you want more facts about the impact a new unfair Municipal Land Transfer Tax would have on prospective homebuyers and the Ontario economy, click on the links below: