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- Jan 7, 2008
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- 127
tax, tax,tax, - Let`s have another serving of tax.
- Thread starter smmcguire
- Start date
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- Oct 27, 2009
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- 1,210
I have no problem with this tax.
It requires the low-and-middle income Ontarians to save longer if they want to own a home, it minimizes them buying during a time of high prices, it minimizes them from using excessive leverage, and it allows higher income Ontarians who can afford a home, to pay more in taxes (which they should).
It's like a consumption tax. I agree with consumption taxes. If you want to consume. Pay up.
I'm going to the send a message to my MP to support this tax. Thanks for the notice!
edit: Done.
It requires the low-and-middle income Ontarians to save longer if they want to own a home, it minimizes them buying during a time of high prices, it minimizes them from using excessive leverage, and it allows higher income Ontarians who can afford a home, to pay more in taxes (which they should).
It's like a consumption tax. I agree with consumption taxes. If you want to consume. Pay up.
I'm going to the send a message to my MP to support this tax. Thanks for the notice!
edit: Done.
- Joined
- Aug 30, 2007
- Messages
- 13,881
Tax what doesn't move. A lazy man's way to finance big deficits .. And to tax non-Canadians ! Indeed a huge concern, however a big benefit to landlords that own rental properties as more folks will rent. But then Ontarians voted by a majority for this left-leaning government three times in a row, so it is not unexpected. Perhaps with a conservative government it will not happen. Vote right next time, Ontario !
- Joined
- Apr 4, 2011
- Messages
- 10
We have it here in Halifax. 1.4 % on top of any deal adds up and it has to be paid by the buyer when they close. I do think it is neutral for long term investors but is a large bill to pay on your first couple of ppty's when your building up your profile. Bad for first time buyers as it keeps them renting longer. What would be nice is to see the money used for something useful instead of being wasted by city hall.
Stewart Cooper
Stewart Cooper
- Joined
- Aug 22, 2007
- Messages
- 2,005
And it is not just the obvious taxes that are the issue. Sadly, municipalities and cities have discovered that naming a tax a Levy keeps it off the radar of consumer protest.
Sure they may have only raised the "Property Tax" by 1%, but the additional "Capital Replacement Levies" and "Garbage Collection Levies" make the real increase close to 3%.... yet only the 1% gets reported.
And how about Development Cost Charges - these hidden (to the consumer) fees that are piled on by some cities to new housing. Of course the consequence of these constantly increasing charge is to make housing more expensive (developers aren't going to absorb the $10,000 bill, they will rightly pass it on to end buyer).
As we all know, the tax theory in Government is "Tax what Don't (or Won't) Move" and real estate is one of the least moveable items. Until governments, especially municipal and city, are held more accountable for the EXPENSE side of equation we will coninue to witness these tax/levy/charge increases. So many groups are wandering around or protesting or striking for more money from the governments (of all levels) yet same people complain when taxes increase or other services are stopped to help pay for their requested increases. I beleive it is time that everyone woke up to the fact that Governments are not bottom-less pits of cash, that when you demand a service/raise/change that the money to provide it has to come from somewhere. Always look at unintended consequences. Where there is no accountability both in government and citizens, there will be no end to this tax & levy cycle.
Watch what happens next down in the US: the next round of tax increases will be based on "Tax Those Who Don't/Can't Vote:" meaning foreign investors. Meaning additional levys on foreign owners of US property, tax increases on capital gains for foreigners etc.
Sure they may have only raised the "Property Tax" by 1%, but the additional "Capital Replacement Levies" and "Garbage Collection Levies" make the real increase close to 3%.... yet only the 1% gets reported.
And how about Development Cost Charges - these hidden (to the consumer) fees that are piled on by some cities to new housing. Of course the consequence of these constantly increasing charge is to make housing more expensive (developers aren't going to absorb the $10,000 bill, they will rightly pass it on to end buyer).
As we all know, the tax theory in Government is "Tax what Don't (or Won't) Move" and real estate is one of the least moveable items. Until governments, especially municipal and city, are held more accountable for the EXPENSE side of equation we will coninue to witness these tax/levy/charge increases. So many groups are wandering around or protesting or striking for more money from the governments (of all levels) yet same people complain when taxes increase or other services are stopped to help pay for their requested increases. I beleive it is time that everyone woke up to the fact that Governments are not bottom-less pits of cash, that when you demand a service/raise/change that the money to provide it has to come from somewhere. Always look at unintended consequences. Where there is no accountability both in government and citizens, there will be no end to this tax & levy cycle.
Watch what happens next down in the US: the next round of tax increases will be based on "Tax Those Who Don't/Can't Vote:" meaning foreign investors. Meaning additional levys on foreign owners of US property, tax increases on capital gains for foreigners etc.
- Joined
- Apr 11, 2008
- Messages
- 59
Although I agree with consumption taxes (most equitable tax in the industrialized world) it sounds like you're a fan of
re-distribution, grabbing more and more from those taking responsibility of their own financial lives. "Middlers" like me shouldn't be penalized by paying more taxes for taking risks and working hard at investing their money while others don't.
You make a few dollars at renting property which bumps you into next tax bracket and all of a sudden you're paying more because you worked hard at being able to provide people a decent place to live and hopefully trying to secure your financial future.
re-distribution, grabbing more and more from those taking responsibility of their own financial lives. "Middlers" like me shouldn't be penalized by paying more taxes for taking risks and working hard at investing their money while others don't.
You make a few dollars at renting property which bumps you into next tax bracket and all of a sudden you're paying more because you worked hard at being able to provide people a decent place to live and hopefully trying to secure your financial future.