On the council’s agenda: New municipal real estate transfer tax intended to compensate for the infrastructure deficit of several billion

0

In 2020, the City of Toronto raised $ 800 million in municipal land transfer taxes, which represents 15% of its annual revenues.

According to the agenda for Tuesday’s regular meeting of North Bay City Council, a motion will be tabled to demand the same revenue tools for municipalities in the province that the City of Toronto enjoys – with the goal of alleviate the province’s $ 6 billion infrastructure deficit. large.

In 2020, the city of Toronto withdrew $ 800 million from municipal land transfer tax (MLTT), which represents 15% of its annual revenues. With the exception of first-time home buyers, the City of Toronto charges and collects tax alongside Ontario on all property sales.

Majority support for the motion presented by the Council. Mac Bain and seconded by counsel. Bill Vrebosch would call on the city of North Bay to ask the Premier of Ontario to grant municipalities the same powers as Toronto so that they can also tax and collect MLTT.

The City of Toronto Act, 2006, gave Toronto more municipal revenue tools than the 443 other municipalities in the province. The motion indicates that the Association of Municipalities of Ontario (AMO) has been pushing for these same revenue tools to be extended to its member municipalities.

The motion claims that this revenue tool would generate nearly $ 2.68 billion for the growing infrastructure deficit of municipalities.

If passed, the resolution will be shared with Provincial Minister of Finance Peter Bethlenfalvy, Provincial Minister of Nipissing Vic Fedeli, Provincial Opposition Leaders, Federation of Northern Ontario Municipalities (FONOM) and Association of municipalities of Ontario (AMO).

North Bay City Council meets Tuesday starting at 6:30 p.m. for committee and regular meetings.

Share.

Comments are closed.