ONT. LIBERAL Increasing Municipal Land Transfer Tax (MLTT)
The dream of buying and owning a home in Ontario may be about to get drastically more expensive and for many, simply unaffordable.
The Wynne government is getting closer to amending the Municipal Act to authorize all municipalities to charge a Municipal Land Transfer Tax (MLTT). When our caucus asked recently about the government’s intentions in the Legislature, the Minister of Finance refused to rule out the possibility municipalities will be given the power to implement an MLTT.
The spread of the Municipal Land Transfer Tax would make Ontario the most uncompetitive tax jurisdiction in North America when it comes to buying a home. There is only one taxpayer and they are already stretched. Affordable home ownership is becoming a growing challenge for many Ontario families. At a time when we should be encouraging home ownership, the government is prepared to add $10,000 in taxes on the average priced Ontario home. Given the opportunity, many municipalities will choose to implement this tax to generate revenue rather than make more prudent decisions with regards to their spending.
Sadly, the Ontario Real Estate Association warns this will not only crush the home-ownership dreams of many Ontarians, it has the potential to cost the province up to $2.3 billion in lost economic activity and 15,000 jobs.
This is yet another broken Liberal election promise that will only feed this government’s spending addiction. The government stated clearly during the 2014 provincial election campaign that it would not give MLTT powers to municipalities beyond the City of Toronto.
Add this to skyrocketing hydro rates, and incoming pension and carbon taxes, and it’s clear more and more Ontarians simply won’t be able to afford life under Premier Wynne.
Now is the time to make your voice heard about this important issue. A petition is available on my website at www.fedeli.com, and you can learn more at www.donttaxmydream.com.