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Toronto Real Estate Board Says Land Transfer Tax Should Be Scrapped, Not Capped April 8, 2013 The Toronto Real Estate Board recently posted the following article regarding the elimination of the City’s highly unpopular municipal land transfer tax. I personally feel that the current lack of supply in the market is due to this extra soft cost for Toronto home buyers. In light of a proposal to cap the Toronto Land Transfer […] Read More
Toronto Real Estate Board Looks Forward to Working with New City of Toronto Budget Chief on Phase-Out of Land Transfer Tax February 15, 2013 The Toronto Real Estate Board posted the following press release, regarding its on-going fight to eliminate the Toronto Land Transfer Tax. This taxation measure was granted under the City of Toronto Act, 2006. Toronto City Council approved this new Municipal Land Transfer Tax effective February 1, 2008 that’s applied to purchases on all properties in the city […] Read More
Using your RRSPs for a down payment on your new condo August 7, 2011 I find a lot of people are still unclear of the particulars surround Registered Retirement Savings Plan (RRSP) withdrawals for the purpose of buying a home. For those of you who are unaware – Revenue Canada calls this program the Home Buyers’ Plan. Not only is this popular with first-time home buyers, but in my […] Read More
Land Transfer Tax – Did You Knows? July 25, 2011 Purchasers in Ontario add Land Transfer Taxes to their list of closing costs. Land transfer taxes are levied on properties that are changing hands, and are the responsibility of the purchaser. Ontario’s Land Transfer Tax: Up to $55,000 X 0.5 % of total property value From $55,000 to $250,000 X 1 % of total property […] Read More
City Can’t Afford Land Transfer Tax Cut, Budget Chief Says June 12, 2011 One of Mayor Rob Ford’s major campaign promises was to eliminate the Toronto Land Transfer Tax, that was brought in by former Mayor of Toronto David Miller on Feb. 1st 2008. This dreaded tax has caused a lack of supply in the Toronto Real Estate Market, as home owners are only selling if the need arises. […] Read More
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