Why Should You Care About Toronto’s Land Transfer Tax?
If you thought Toronto’s Land Transfer Tax was only a problem to home buyers in Toronto, guess again. As a taxation measure granted under the City of Toronto Act, 2006, every other city or municipality has their eyes on Toronto, and could potentially apply to the province for the same powers. The longer the LTT continues, the greater the risk that other municipalities may want the same.
65 % of Torontonians want the LTT gone, according to an Ipsos Reid poll conducted in December 2011. That message has got to reach Toronto City Council. The best way to make that happen is by constituents calling and writing their city councillor’s office directly, and letting them know with no uncertainty that this tax is an unfair burden on people trying to purchase property. There are a number of councillors that can still be influenced by the public, but the public has to let them know what they think.
So, if you live in or own property in Toronto, or if you have family, friends or co-workers that do, it’s in everyone’s best interest to urge the contacting of councillors, and let your voices be heard. You can make a difference!