mentalfloss Posted October 12, 2011 Report Posted October 12, 2011 (edited) Toronto expects $140M surplus for 2011 The City of Toronto is expected to have a $140 million surplus this year, thanks in large part to greater than expected revenues from the land transfer tax that Mayor Rob Ford has said he wants to dispense with. The $139.3 million surplus was revealed Tuesday in a report prepared by city staff as an update on the city's financial situation. It will go before council's budget committee next week. The main contributing factors to the surplus include: - An intake of $79.5 million more than expected from the municipal land transfer tax. - $22.5 million more than expected from supplementary taxes. - $15 million in interest and investment earnings. - Internal services that came $5.4 million under budget. City budget chief Mike Del Grande said the city should not rely too much on this newfound money. "This has been the whole issue of sustainability of the budget," said Del Grande. "That you don't use one-time monies to balance your budget. One-time monies are just that, they're one-time." Del Grande wants to see the money go into a reserve fund in case the economy slows. The land transfer tax has been a favourite target of Ford, who promised to get rid of it during his election campaign. The land transfer tax will likely remain for the time being, but Ford has insisted its days are numbered. In a July interview with radio station AM 640, Ford said he hopes to be able to phase out the tax in increments by 2014, despite also trying to bridge next year's budget gap that is estimated at between $500 million and $774 million. The land transfer tax brings in about $300 million to the city's coffers, staff believe. The total Toronto budget stands at about $9.4 billion. Coun. Janet Davis told CBC News that scrapping the land transfer tax would remove an essential revenue source the city needs. "If mayor Ford wants to cut the land transfer tax, we'll be in huge trouble," Davis told CBC News. "It is generating $300 million a year for the city of Toronto and that's money that is ensuring programs and services Torontonians need will be able to continue." http://www.cbc.ca/news/canada/toronto/story/2011/10/11/toronto-surplus-land-transfer-tax548.html Edited October 12, 2011 by mentalfloss Quote
Boges Posted October 12, 2011 Report Posted October 12, 2011 I guess this proves that the Land Transfer Tax doesn't discourage people from buying in Toronto. It would be interesting to see if Ford is still compelled to increase taxes while still having this additional tax levied on it's residents. Quote
mentalfloss Posted October 12, 2011 Author Report Posted October 12, 2011 I guess this proves that the Land Transfer Tax doesn't discourage people from buying in Toronto. It would be interesting to see if Ford is still compelled to increase taxes while still having this additional tax levied on it's residents. He won't increase taxes. He'll eventually scrap the land transfer, and make the surplus look like it was his doing. Set your dial to AM radio for the latest propaganda when that happens. I'm sure Oakley has tons of creative ways to make him look like a hero. Quote
Wild Bill Posted October 12, 2011 Report Posted October 12, 2011 He won't increase taxes. He'll eventually scrap the land transfer, and make the surplus look like it was his doing. Set your dial to AM radio for the latest propaganda when that happens. I'm sure Oakley has tons of creative ways to make him look like a hero. It's not a $140 million surplus! It's a $140 million dollar gouge off the backs of every taxpaying Toronto citizen! If it's surplus then give it all BACK, I say! And let folks keep their money and spend it on themselves and their families forevermore. Quote "A government which robs Peter to pay Paul can always depend on the support of Paul." -- George Bernard Shaw "There is no point in being difficult when, with a little extra effort, you can be completely impossible."
Black Dog Posted October 12, 2011 Report Posted October 12, 2011 It's not a $140 million surplus! It's a $140 million dollar gouge off the backs of every taxpaying Toronto citizen! It certainly is not. Quote
Boges Posted October 12, 2011 Report Posted October 12, 2011 You could argue that painting such a bleak picture of the city's fiscal situation was smart. Now when things don't end up being as bad people with thank Ford. Always under promise and over deliver. Quote
mentalfloss Posted October 13, 2011 Author Report Posted October 13, 2011 You could argue that painting such a bleak picture of the city's fiscal situation was smart. Now when things don't end up being as bad people with thank Ford. Always under promise and over deliver. And then use AM radio to propagate your bullshit lie to millions of commuters. Quote
Boges Posted October 13, 2011 Report Posted October 13, 2011 And then use AM radio to propagate your bullshit lie to millions of commuters. I listen to John Moore in the morning. Hardly a Ford apologist. Quote
Michael Hardner Posted October 13, 2011 Report Posted October 13, 2011 Oakley, though, is one of the political-entertainment types, forever trotting along on the hamster wheel of outrage. I caught a snippet of a show a few weeks ago where he was outraged AGAINST the city for wanting to cut a budget - in this case the police budget. Of course, nobody knows the details of said budget, so he had a nameless constable on the phone talking about how the cuts would affect the city, like he would know. Quote Click to learn why Climate Change is caused by HUMANS Michael Hardner
Boges Posted October 13, 2011 Report Posted October 13, 2011 Oakley, though, is one of the political-entertainment types, forever trotting along on the hamster wheel of outrage. I caught a snippet of a show a few weeks ago where he was outraged AGAINST the city for wanting to cut a budget - in this case the police budget. Of course, nobody knows the details of said budget, so he had a nameless constable on the phone talking about how the cuts would affect the city, like he would know. I don't listen Oakley too often. Sometimes I listen to his panels after 9am. He has some pretty left wing folk on. Susan G Cole, Buzz Hargrove etc. Mike Stafford afterwards is fantastic though. Quote
treehugger Posted October 24, 2011 Report Posted October 24, 2011 Toronto expects $140M surplus for 2011 The City of Toronto is expected to have a $140 million surplus this year, thanks in large part to greater than expected revenues from the land transfer tax that Mayor Rob Ford has said he wants to dispense with. The $139.3 million surplus was revealed Tuesday in a report prepared by city staff as an update on the city's financial situation. It will go before council's budget committee next week. The main contributing factors to the surplus include: - An intake of $79.5 million more than expected from the municipal land transfer tax. - $22.5 million more than expected from supplementary taxes. - $15 million in interest and investment earnings. - Internal services that came $5.4 million under budget. City budget chief Mike Del Grande said the city should not rely too much on this newfound money. "This has been the whole issue of sustainability of the budget," said Del Grande. "That you don't use one-time monies to balance your budget. One-time monies are just that, they're one-time." Del Grande wants to see the money go into a reserve fund in case the economy slows. The land transfer tax has been a favourite target of Ford, who promised to get rid of it during his election campaign. The land transfer tax will likely remain for the time being, but Ford has insisted its days are numbered. In a July interview with radio station AM 640, Ford said he hopes to be able to phase out the tax in increments by 2014, despite also trying to bridge next year's budget gap that is estimated at between $500 million and $774 million. The land transfer tax brings in about $300 million to the city's coffers, staff believe. The total Toronto budget stands at about $9.4 billion. Coun. Janet Davis told CBC News that scrapping the land transfer tax would remove an essential revenue source the city needs. "If mayor Ford wants to cut the land transfer tax, we'll be in huge trouble," Davis told CBC News. "It is generating $300 million a year for the city of Toronto and that's money that is ensuring programs and services Torontonians need will be able to continue." http://www.cbc.ca/news/canada/toronto/story/2011/10/11/toronto-surplus-land-transfer-tax548.html Obviously no one here has had to pay land transfer tax on your own house that has been taxed to death already. It is something you don't need when you are trying to sell in order to re-locate. Most of the people that are moving into T.O are buying condos. Quote
guyser Posted October 24, 2011 Report Posted October 24, 2011 Obviously no one here has had to pay land transfer tax Only the new bies, they get a rebate.on your own house that has been taxed to death already. It is something you don't need when you are trying to sell in order to re-locate.Most of the people that are moving into T.O are buying condos. Property tax not included in the above, its cheap. Condo buyers pay the tax too. Unless they are first time buyers. Quote
punked Posted October 24, 2011 Report Posted October 24, 2011 It's not a $140 million surplus! It's a $140 million dollar gouge off the backs of every taxpaying Toronto citizen! If it's surplus then give it all BACK, I say! And let folks keep their money and spend it on themselves and their families forevermore. Never mind the debt there is a Surplus give it back. Never mind it costs Toronto 450 million a year just to service the Debt this Conservative economics never pay back debt just incur more of it and when you get one good year cut everyone a check. Glade the Conservatives of the board always show their true colours. Fiscal Conservatives don't exist they are just a figment of peoples imaginations. Quote
dre Posted October 24, 2011 Report Posted October 24, 2011 Never mind the debt there is a Surplus give it back. Never mind it costs Toronto 450 million a year just to service the Debt this Conservative economics never pay back debt just incur more of it and when you get one good year cut everyone a check. Glade the Conservatives of the board always show their true colours. Fiscal Conservatives don't exist they are just a figment of peoples imaginations. Fiscal Conservatism has been dead in North America for a few decades now. Quote I question things because I am human. And call no one my father who's no closer than a stranger
bush_cheney2004 Posted October 25, 2011 Report Posted October 25, 2011 Fiscal Conservatism has been dead in North America for a few decades now. Nope....North Dakota is still in North America last time I checked. Quote Economics trumps Virtue.
punked Posted October 25, 2011 Report Posted October 25, 2011 (edited) Nope....North Dakota is still in North America last time I checked. You mean that place that has 600,000 people? Edited October 25, 2011 by punked Quote
fellowtraveller Posted October 27, 2011 Report Posted October 27, 2011 I guess this proves that the Land Transfer Tax doesn't discourage people from buying in Toronto. Taxes like this, and the Ontario provincial tax on the same transaction are ridiculous, just a bleed on those that have no option.. Neither city or province add anything of value to the transaction. By contrast in Edmonton or Calgary, the province charges a minimum of $65 and up to around $250-$300 total for a residential real estate transaction. the price depend on complexity. The purpose of the fee is to provide funds to operate and maintain the simple and cost effective Land Titles system. A guaranteed title search costs $10. There are no municipal taxes or fees on land transactions in Edmonton or Calagary. Quote The government should do something.
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