Council approves new tax, fee

New land transfer tax and vehicle registration fee was a controversial issue. However, now it has passed easily at Toronto city council. The land transfer tax was approved in a 26 to 19 vote which they expect $155 million next year and $240 million in following year. People have to pay 0.5 % on the first 55,000 of the home’s value. City council has voted 25 – 20 to approve the 60 year vehicle tax that will yield 20 million in 2008. There was people who were against the land tax waged by the Toronto Real Estate Board. There message was that the tax is unfair because a small percentage of citizens, home buyer, will shoulder most of the city’s budget. All of this decision was made for the people in the city and province. I strongly believe the decision that councils has made; New and transfer tax and vehicle registration fee is very good idea because with that tax they could run the city and use the money for the good cause of Toronto. Almost every single province has a people who are against the government’s decision. However, the vote is from the city council that represent the citizen which means majority of the people wants the New land transfer tax and vehicle registration fee.

http://www.thestar.com/News/GTA/article/269208