Stop Toronto Land Transfer Tax: Your Help is Crucial!
We posted some information about the proposed tax hike back in May, but are repeating the call to action because it's so important to you!
Your help is needed. The City of Toronto wants to charge a second land transfer tax that would NOW double the current provincial land transfer tax. This could impact real estate markets, and of course YOUR pocket. The proposal is moving forward quickly so it is critical that City Council hear from you NOW. City Council will vote on this in mid-July.
Under the City's proposal, Toronto homebuyers would have to pay a second land transfer tax at rates identical to those currently charged by the Province, as follows:
0.5% up to $55,000
1.0% for value between $55,000 and $250,000
1.5% for value between $250,000 and $400,000
2.0% for value above $400,000
Options to Help Fight Toronto Land Transfer Tax
1. Encourage your clients, friends, family and colleagues to email the Mayor and City Councillors with their opinions. It is VERY important that the Mayor and City Councillors hear from the general public as well as from Realtors. Alternatively, you can ask us for a flyer that you can print to hand out or download to email.
2. Send an email to your MPP. Just ask us if you'd like any help looking up your MPP and for an already drafted letter to email telling them to take action.
3. Attend the Toronto City Council meeting in July.
City Council is scheduled to vote on this proposal at their meeting scheduled for July 16, 2007. Anyone from the public is allowed to attend this meeting to OBSERVE. It is important that the public gallery be full with people concerned about this proposal because this helps to send a strong message to City Councillors and the media that the public does not want this tax.
Meeting Details:
Location: Toronto City Hall, 100 Queen Street West, Council Chamber
Date/Time: July 16, 2007, 9:30 a.m. - Please note that this is the start date of the City Council meeting, but these meetings often run for multiple days and it is not yet known at what point the land transfer tax item will be debated. We will provide more detailed information once it becomes available.