Canadian PressOntario realtors say Kathleen Wynne and the Liberal government are breaking an election promise by giving every municipality province-wide the power to charge a Municipal Land Transfer Tax.
Ontario realtors say the government is moving ahead with a plan that will allow municipalities across the province to follow Toronto’s lead and implement their own land transfer tax.
The Ontario Ministry of Municipal Affairs and Housing is giving every municipality province-wide the power to charge a Municipal Land Transfer Tax (MLTT), the Ontario Real Estate Association says.
“Ontario home buyers are already charged a provincial land transfer tax, so by adding a municipal tax, they’re essentially doubling the tax burden on Ontario families,” said Patricia Verge, president of OREA, in a release. “If the Ontario Liberals follow through with this plan, homebuyers will be forced to pay $10,000 in total land transfer taxes on the average priced home in Ontario, starting as early as next year.”
The minister of municipal affairs and housing denied any decision has been made to extend the taxing power.
“In 2014 at the AMO conference, I was asked whether I would consider looking at municipal revenue tools as part of the Municipal Act review. I gave the shortest answer possible, ‘yes.’ We are currently reviewing the Municipal Act. No decisions have been made,” said Ted McMeekin. “As part of the review of the Municipal Act, we have been meeting with the municipal sector to discuss how municipalities can better utilize their existing financial tools and determine what, if any, barriers exist in the Act. During consultations, we have been hearing a variety of opinions from the sector with respect to revenue tools. It is not too late to submit your comments and ideas – we are accepting comments until October 31, 2015.