Toronto city staff have recommended a 2.2% property tax hike in its 2026 budget. This breaks down to a 0.7% increase to the residential property tax and a 1.5% increase to the city building levy. The softer tax rate, if…
The federal government has tabled legislation to eliminate the GST for first-time homebuyers of newly constructed homes worth up to $1 million. If passed, this would save them up to $50,000 in sales tax. GST would also be lowered for…
Toronto homeowners could see their property taxes rise by 5.4% in 2025. Although less than 2024’s hike — a whopping 8% — when combined with the 1.5% city building levy, it amounts to a nearly 7% increase this year. The…
Toronto city council is revamping its vacant home tax program in an effort to avoid another taxation tragedy. Property owners will now have a longer time to declare occupancy, from Nov. 1 to April 30, up from Feb. 29 to…
The federal government’s changes to capital gains taxation that were included in its 2024 budget will hurt some homeowners. When they come into effect June 25, the inclusion rate will increase from one-half to two-thirds on capital gains above $250,000…
People who purchase and sell a property within a 365-day period may have to pay taxes on the profits of the sale. This is according to a new rule by the Canada Revenue Agency (CRA) that aims to deter residential…
Toronto homeowners will not see a double-digit property tax increase. Mayor Olivia Chow has proposed an 8% hike, 1% lower than what was originally proposed by the city’s budget chief. When combined with the 1.5% city building levy, taxes will…
Toronto homeowners should prepare to see a huge jump in their 2024 property tax bill, if city council approves the proposed 10.5% increase in February. For the average home, this would amount to paying an additional $300 a year. The…
Toronto residents who want to file the occupancy status of their home before the pending deadline can now do so. The City of Toronto has opened its online declaration portal three months before the official due date, Feb. 29, 2024.…
Toronto city council has voted in favour of increasing the vacant home tax from 1% to 3%. Additional revenue generated from the change will go the Multi-Unit Residential Acquisition program, which supports the purchase of market rental buildings in danger…
Clare Tattersall
Sales Representative
Direct: 647.625.3282
Office: 416.762.8255
Email: clare@realtorontowest.com
Royal LePage Real Estate Services Ltd., Brokerage
2320 Bloor St. W., Toronto, ON M6S 1P2
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