Don’t Tax Our Dream
We just wanted to bring your attention to something today that at present is comparable to a whisper or a mumble, but its there and its getting louder and louder…Please check out this video and read on.
The Large Urban Majors Caucus of Ontario (LUMCO), which represents 27 major cities in Ontario with populations over 100,000, approximately 67% of the population are discussing ways to increase revenues. Traditionally revenues are obtained through property taxes, user fees & provincial and federal project funding contributions. The group has formed and itemized new ways to increase revenues. One of the tools in their TAX TOOL BOX is a Municipal LAND TRANSFER TAX on the purchase of any property.
LUMCO has genuine concerns. Gridlock, transportation and deteriorating infrastructure are Real issues. The rising costs of Emergency services are real issues. Creating JOBS in Ontario , in a cohesive manner with the Federal, Provincial and major centre’s working as a team, not in isolation are real concerns. Finally, Affordable housing is a going concern, in fact a national concern and LUMCO would like to see this uploaded to the Province.
Toronto is the only city in Ontario to have this Land Transfer Tax. It certainly affects jobs and buying decisions there everyday.
Shelley and I do take issue with an introduction to an additional land transfer tax on a municipal level. This affects our business and your real estate investment directly. This would mean TWO land transfer taxes to pay for any buyer purchasing a home within the City. This would be detrimental to our local economy and jobs. What business is going to come to town when their employees would have to pay double LTT to relocate. Buyers will have to budget more for tax and less for everything else..like home price, furniture, appliances….you see where this is going.
Although the municipal land transfer tax is situated at the bottom of their Tax Tool Box at present, so we are told, its still there. They cannot implement any of the tax revenue tools they are considering without approval from the Provence. This is where we call can take action. We need to let them know what we think. Talk to your local councillor and your MPP and your Mayor. Have a conversation. Have a voice.
Wishing you all a sunny and warm May…and remember we are just a click or a call away.
Sue & Shelley
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