It's time to pay the piper, Toronto - Globe and Mail(Cash Pay)
Last year, Canada’s most expensive metropolis was the 47th-costliest city on the planet in which to live, according to the Mercer Human Resources’ annual cost-of-living survey. Toronto will almost double that, with its own $60 car-ownership tax and $30 motorcycle-ownership tax, approved by council to be implemented in the fall of 2008. Mayor David Miller seems confident that property taxes will rise 3 to 4 per cent next year, continuing the usual rate of increase and bringing in $60-million to $80-million. The municipal land-transfer tax just approved by council on Monday will slap a graduated amount of tax on every property purchase in Toronto when it comes into force on Feb. The tax will bring in $155-million next year, rising to about $200-million in 2009 and $300-million to $325-million from 2011 onward. Find Out More
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