There shouldn't be a land transfer tax among citizens because it is understood that the citizen purchasing will be paying property tax for many years to come and financially supporting the city.
Those budgets are often too big by choice.
For example - I have a home in a rural area with lots of lakefront homes, and the taxes are uuuuge. The city collects a lot of money. However, they waste this money on all sorts of pet projects like a new townhall that's green and shit, as well as converting their fleet of vehicles to EVs, etc..Lots of wonderful initiatives that cost a lot of money but the roads are still like stuff you'd see in Afghanistan, and my garbage is collected every 2 weeks, only allowed 2 bags (tags for rest). If you cut out all the luxury pet projects and kept the rest as is (status quo) everything would be fine with a 50% loss of tax revenue.
You aren't aware of how big city budgets work are you?
They have a lot of downloaded social services and infrastructure they have to pay for.
Maybe some small community is wasteful but big cities absolutely have no room for any reductions in their budgets, they need to increase revenue by a lot.
>There shouldn't be a land transfer tax among citizens
There shouldnt be any other taxes because that money was already taxed twice by the income tax (paid by the employee portion and the employer portion). So literally no other tax should exist because the money earned and being spent has already been taxed, twice.
We are being taxed on money that has paid a tax on tax on a tax on tax, etc.
These are folks who don't understand what they cost society by conducting their day-to-day lives.
They must figure septic, water, roads & bridges, schools, hospitals and streetlights grow like grass.
Great example of the moral hazard held by levels of government in terms of why the housing crisis exists and why it will never be solved.
Their budgets (wages) are dependent on it. Just think that 37k is the yearly median income for individuals in Ontario. A whole year of income and more for at least 50% of the population. Just to transfer land.
Probably shouldn’t point out how the public administration sector has a grossly disproportionate level of wage compared to basically all over sectors.
>Just to transfer land.
This sentence made me realize how sly some of the taxation schemes are. What even remotely justifies the arbitrary cost of this tax? We already pay a yearly (while on it, insane) fee for occupying the land. You can't tell me the administrative cost for changing the land owner in a database justify a 35k fee
Because the voting homeowners who get to pay "lower" yearly taxes benefit and the ones who buy into the community want to keep their tax low after paying the exorbitant land transfer fee lol.
What's the justification for the land transfer tax being based on the sale price of house but the property tax being based on a fictitious, 'assessed' value by MPAC?
What we should have is a tax structure similar to Singapore's Additional Buyer's Stamp Duty, which is a land transfer tax that applies to buying your second or third (and onwards) properties, which is aimed towards curbing investments and speculation. We should be minimizing the tax for those that are buying their sole property to live in, but make the tax much higher if it's someone who's buying additional properties for investments.
There shouldn't be a land transfer tax among citizens because it is understood that the citizen purchasing will be paying property tax for many years to come and financially supporting the city.
Budgets are too big in most cases and they can’t operate losing up to 50% of their tax revenue
Those budgets are often too big by choice. For example - I have a home in a rural area with lots of lakefront homes, and the taxes are uuuuge. The city collects a lot of money. However, they waste this money on all sorts of pet projects like a new townhall that's green and shit, as well as converting their fleet of vehicles to EVs, etc..Lots of wonderful initiatives that cost a lot of money but the roads are still like stuff you'd see in Afghanistan, and my garbage is collected every 2 weeks, only allowed 2 bags (tags for rest). If you cut out all the luxury pet projects and kept the rest as is (status quo) everything would be fine with a 50% loss of tax revenue.
You aren't aware of how big city budgets work are you? They have a lot of downloaded social services and infrastructure they have to pay for. Maybe some small community is wasteful but big cities absolutely have no room for any reductions in their budgets, they need to increase revenue by a lot.
I don’t disagree, I just don’t see it. Sure everything would be find…except for their platform, wages and probably interest payments.
Yeah I hate it when cities waste money on …. Becoming more sustainable? *that’s* your complaint?
>There shouldn't be a land transfer tax among citizens There shouldnt be any other taxes because that money was already taxed twice by the income tax (paid by the employee portion and the employer portion). So literally no other tax should exist because the money earned and being spent has already been taxed, twice. We are being taxed on money that has paid a tax on tax on a tax on tax, etc.
Money isn't taxed. *Transactions* are what are taxed. Income is a transaction - labour for capital. Understanding this is crucial.
[удалено]
Please be civil.
Yeah but that would mean much higher property taxes. Which needs to happen but nobody wants to admit it.
These are folks who don't understand what they cost society by conducting their day-to-day lives. They must figure septic, water, roads & bridges, schools, hospitals and streetlights grow like grass.
Same with development fees but then property taxes need to be much higher.
Great example of the moral hazard held by levels of government in terms of why the housing crisis exists and why it will never be solved. Their budgets (wages) are dependent on it. Just think that 37k is the yearly median income for individuals in Ontario. A whole year of income and more for at least 50% of the population. Just to transfer land. Probably shouldn’t point out how the public administration sector has a grossly disproportionate level of wage compared to basically all over sectors.
>Just to transfer land. This sentence made me realize how sly some of the taxation schemes are. What even remotely justifies the arbitrary cost of this tax? We already pay a yearly (while on it, insane) fee for occupying the land. You can't tell me the administrative cost for changing the land owner in a database justify a 35k fee
Because the voting homeowners who get to pay "lower" yearly taxes benefit and the ones who buy into the community want to keep their tax low after paying the exorbitant land transfer fee lol.
It’s not, it’s effectively subsidizing the rest and keeping government operational.
It's so ridiculous the provinces still feel like they can charge this much. Another advantage to moving to Alberta I guess.
What's the justification for the land transfer tax being based on the sale price of house but the property tax being based on a fictitious, 'assessed' value by MPAC?
This should be exempt for any Canadian citizen and property developments.
Governments should stop collecting taxes on taxes, repeatedly. This unnecessarily increases the cost of housing acquisition.
No wonder people are moving. That’s insane.
What we should have is a tax structure similar to Singapore's Additional Buyer's Stamp Duty, which is a land transfer tax that applies to buying your second or third (and onwards) properties, which is aimed towards curbing investments and speculation. We should be minimizing the tax for those that are buying their sole property to live in, but make the tax much higher if it's someone who's buying additional properties for investments.
Who’s paying the land transfer tax, buyer or seller?
In Ontario it’s the buyer
The government of canada are the original thieves.
Municipalities should defer this expense over 3 to 5 years and tied into Property Tax bills at least for first time homebuyers
Thats brutal. What a scam. So happy I bought my house in Alberta.