New Toronto Land Transfer Taxes, Vehicle Registration Fees

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

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