Businesses operating in Ontario will be affected by plans to increase Land Transfer Tax.
Businesses operating in Ontario will be affected by the province’s announcement that it intends to increase the Land Transfer Tax on certain real estate property to 2% (from 1.5%) on the portion of the value above $400,000. In addition, the tax on certain family residences is set to increase to 2.5% (from 2%) on the value above $2 million. These changes, announced in the province’s 2016 fall economic statement, are effective January 1, 2017.
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