As you have probably heard Toronto has imposed some new Land Transfer Taxes. Basically, they will be almost equal to the amount charged by the Province. So, in effect it will cost almost twice as much by way of transfer taxes in Toronto as anywhere else in the Province. Who pays? The quick legal answer is that the tax is payable upon registration of a conveyance by a purchaser. The amount escalates with the value of the transaction. But, the question remains: will this bring a halt to Toronto's active resale housing market? Should purchasers suddenly ...
Does it make sense to buy in Mississauga? (Toronto Tax)
November 28, 2012
Toronto Land Transfer Taxes
November 22, 2012
You are probably aware that Toronto has its own Land Transfer Tax. This is in addition to the regular Provincial Land Transfer tax which applies throughout the Province. This new Toronto Land Transfer Tax was passed by Council on 22 October 2007 and took effect on 1 February 2008. The present Mayor, Rob Ford ran on a platform which included the elimination of this tax. Although he was elected based in part upon his opposition to this unpopular tax, it has not been rescinded. It would also appear that Rob Ford has lost the confidence of Toronto Council, so this ...