MUNICIPALITIES LOSES BATTLE FOR NEW TAX

Home buyers in the province don’t have to worry about an additional land transfer tax anymore. The government recently announced changes that will make it easier for young families to get a house. If the bill had passed, municipalities would have been able to charge an additional tax under the municipal act. The changes announced follow the provinces plan to increase land transfer tax rebates for first time home buyers. Temiskaming-Cochrane MPP John Vanthof says these changes will help, but it shouldn’t be the difference in whether or not you can afford to buy a house.  Right now Toronto is the only municipality that has Municipal Land Transfer Tax powers and the province was under pressure from mayors outside the GTA to extend those powers to other communities.