Tag Archives: land-transfer

Tax Me I’m Torontonian


Toronto Council has finally passed the controversial new land-transfer tax and vehicle registration tax/fee. Although a compromise was needed, Toronto should now have the stable funding that they require to run the city. Barring that the housing market does not go bust or everyone in Toronto decides to sell their car. This would never happen? But, I needed to point out the absolute worse case scenario. The new taxes might only initially raise $180-million to $200-million for 2008, less than earlier annual estimates of $356-million. Even with the new taxes, city finance officials say they still need a property tax hike. This also does not stop Toronto Council from considering new entertainment taxes, fees and the possibility, however unlikely, of a toll on the DVP, going into downtown Toronto. A land transfer tax of up to 2 per cent and a $60 fee for motor vehicle registration, which only could have happened with the new powers from the “City of Toronto” act. What will be interesting is the fall-out in the Real Estate market. I doubt there will be much change in the downtown area. Toronto still does not serve the outer regions like Scarborough and Etobicoke with adequate public transit. It should be interesting to see if funding now starts on the “Transit City” plan. There is no excuse now since they have their money and what David Miller wanted. What is interesting is that the Liberals are in power, and based on their “promises, this should be boom time for public transit. The question is, were they all “telling the truth”? Or was this all a rouse to get more money and tax use again later? Only time will tell. I imagine those, with homes just north of Toronto’s Steeles Avenue must be extremely happy. There homes just became a little bit more valuable. There will be those who want to skirt the tax and move a bit north, still within walking distance of the TTC and Toronto. They will be sad to learn that prices in Markham, Thornhill, Vaughan and Woodbridge are already high. However, the major point is that it is now time for “Transit City” to move forward, with no delays! I do not necessarily agree with the new taxes, however David Miller seemed to have no choice. I am also not totally in favour of all of their public transit plans; however something is better than nothing in the “transit world”. Other than the audit of the city contracts and the panel looking into savings for the city, council has done there part. Dalton McGuinty will now have to show if he was telling the truth? The Liberal Ontario government must start with the Move2020 plan now, with no delays or lies or false promises. Let the people in the know, do their work and lets get Toronto moving! Torontonians will now expect “results”, otherwise David Miller and company may find an angry electorate in 2010. Torontonians will be watching!

By: Andy MJ
a.k.a. “The G.T.A Patriot”

Toronto, Ontario

Toronto likely to approve new taxes


Toronto Council is likely to approve two new taxes later today, according to Deputy Mayor Joe Pantalone. “I think that the mayor’s compromise is going to pass – that’s my sense, absolutely,” said Pantalone, who represents Ward 19 (Trinity Spadina). “From the discussion, that’s clear what’s going to happen. The opponents are disheartened.”

Pantalone made the comments after council broke for lunch today, in a debate that council has voted to continue until a vote tonight. The debate concerns the imposition of two new taxes – a land transfer tax and a vehicle registration tax – which together will raise $175 million next year.

That number is much reduced from the original package councillors voted to defer in July. That would have seen the city take in $356 million. But a compromise put forward by Mayor David Miller earlier in the day reduces that substantially this year, by among other things exempting first-time homebuyers of homes under $400,000 and grandfathering purchase agreements signed before the end of the year from having to pay the new tax.

Pantalone said the compromise, combined with the newfound support of the Toronto Board of Trade, has tipped the balance in what was an evenly divided council in the mayor’s favour.

Will the vote be close?

“It depends on what close means,” he said. “Does it mean one vote? It will be more than one vote. Is it unanimous? I don’t think it will be unanimous.”

However, it became clear that the tax package’s opponents were losing momentum.

Ward 34 (Don Valley East) Councillor Denzil Minnan-Wong, one of the most vocal opponents of the tax plan, didn’t move a single motion when he stood up to speak.

“Let me say to the mayor – these taxes are yours,” he said just after the lunch break.

But the delay that we had has worked well to taxpayers’ advantage. We have been told for months that these are necessary. But miraculously, it seems that we can do nicely with $50 million less. This is either a modern day loaves and fishes story or the fact is that this city is a management-free zone.”

read more | digg story

Miller takes tax package proposal to the people


Are you still unsure where you stand on the Mayor’s tax package? If so, you’ll have plenty of opportunities to hear the arguments for and against the land-transfer and vehicle registration taxes today.

read more | digg story