Toronto Land Transfer Tax Update – Information Bulletin
July 19, 2011 — Families who chose to live and invest in Toronto are required to pay not one, but two Land Transfer Taxes on the purchase of their home. TREB has consistently opposed the Toronto Land Transfer Tax (LTT) as a fundamentally unfair tax.
On October 25, 2010, Torontonians elected Rob Ford as Mayor, whose election platform included a commitment to repeal the Toronto Land Transfer Tax. Since taking office, Mayor Ford has re-committed his intentions to eliminating the Toronto Land Transfer Tax. In the meantime, TREB has maintained communication with Mayor Ford’s office on the issue of eliminating the Toronto Land Transfer Tax.
It is important to remember that Mayor Ford cannot repeal the Toronto Land Transfer Tax alone, but requires City Council’s support. For this reason, TREB wants to advise Members that expressing their disapproval of the Toronto Land Transfer Tax with their local Councillor is a great way of keeping the issue top-of-mind. Working together we can protect consumers in the Greater Toronto real estate market.
TREB continues to work towards the repeal of this tax and your support will be needed in coming months to ask Toronto City Councillors for their support on this issue. TREB will be providing opportunities for your direct involvement and assistance in this regard. Stay tuned!