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. Previously, people in Toronto looking to purchase a home only has to worry about the Provincial Land Transfer Tax at closing time. To understand the impact of this tax, use this Land Transfer Tax Calculator to see what the taxes will be on your next home purchase. Abolishing this despised tax was a central promise of Rob Ford’s winning mayoral campaign last year. He pledged to wipe it out by 2012 at the latest.
Recently, Toronto’s budget chief says the city cannot afford to cut the land transfer tax in the upcoming budget. Faced with a $774-million funding gap, budget chief Mike Del Grande said he does not think the administration should scrap this year a tax that brought in $274-million in 2010. See the full article, by Natalie Alcoba of the National Post.
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