TORONTO LAND TRANSFER TAX MAY GO

Mar 20, 2013

By Michael Kramer

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Toronto’s land transfer tax is back in the news – as Mayor Rob Ford prepares to bring a proposed 10 per cent cut to the tax  to council in July.

His executive committee has agreed to his request to a report on how the city might shave the $34 million dollars in annual revenue by the 2014 budget.

But city councillor Shelley Carole says she can’t see how the cut can be made without an alternative source of money.

The tax brings in $340 million dollars to city coffers a year by taxing real estate transactions.

During the 2010 mayoralty race, Ford promised to get rid of the entire tax.

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