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New Toronto Land Transfer Taxes, Vehicle Registration Fees

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wiselaw 2007-10-22 23:25:47 Publish:

Yesterday, in an effort to ease its chronic budget woes, Toronto City Council voted to impose significant, new land transfer taxes and vehicle registration fees upon Toronto residents.

The National Post reports:

For the first time in Toronto's history, residents will now pay a tax to City Hall when they buy a house or register a car.

Council took the extraordinary step last night, voting 25-20 in favour of the vehicle registration fee and 26-19 in favour of the land-transfer tax, a comfortable margin of victory for Mayor David Miller…

On the land transfer tax levy:

The tax ranges from 0.5% to 2%, depending on the price of the residential property. The new proposal means the tax will add $3,725 to the price of a $400,000 home. The average home in Toronto is priced just below that.

First time home buyers purchasing properties up to $400,000.00 are exempt from the new tax. The vehicle registration fee is $60.00 for a car, $30.00 for mopeds and motorcycles.

- Annie Noa Kenet, Toronto

Visit our Toronto Law Firm website: www.wiselaw.net

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