Surprise and shock. Notwithstanding Mayor John Tory’s promise to not raise new taxes, he is effectively introducing a new tax which he is calling a MLTT Administration Fee, which comes into effect April 1, 2016. This fee is in the amount of $75.00 plus HST. While I have not seen or heard anything in the media – this fee is coming. What will we receive for this new fee – nothing, just another cost to purchasers of real estate in the City of Toronto. So much for election promises. You should contact your local City of Toronto councillor to complain.
March 18th, 2016
MLTT ADMINISTRATION FEE
The City of Toronto has announced that effective April 1st, 2016, Municipal Land Transfer Tax (MLTT) transactions will be subject to a new administration fee of $75.00 plus HST.
There will be an update of The Conveyancer® (expected to be released in early May 2016) to support this new MLTT administration fee. Between April 1st and the release of The Conveyancer, you will need to manually add this fee to the Statement of Account for all Purchase transaction records where the MLTT applies.
The fee will not appear in the calculated Land Transfer Tax or Municipal Land Transfer Tax amounts, but will be collected, at the time of registration by Teraview® and will appear in the Electronic Registration Activity Report and Docket Tax/Free Summary Report provided by Teraview.
http://marketing.doprocess.com/acton/rif/1256/s-08f6-1603/-/l-7c74:90e/l-7c74/showPreparedMessage?sid=iimO6CncH
