ARTICLE · 01 MARCH 2017

Municipal Land Transfer Tax Increases Effective March 1, 2017

Stikeman Elliott LLP

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At its meeting on February 15, 2017, Toronto City Council adopted amendments to chapter 760 of the City's Municipal Code to introduce new brackets and rates for the Municipal Land Transfer Tax effective March 1, 2017.

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At its meeting on February 15, 2017, Toronto City Council adopted amendments to chapter 760 of the City's Municipal Code to introduce new brackets and rates for the Municipal Land Transfer Tax (MLTT) effective March 1, 2017. The City describes the changes as "based on harmonizing the City's tax structure with the recently announced Provincial Land Transfer Tax (Provincial LTT) changes that were implemented on January 1, 2017." Unlike the recent Provincial LTT changes, however, the MLTT changes do not contemplate grandfathering of transactions entered into prior to their announcement or their effective date.

For residential properties in Toronto (i.e., those with one or two single family residences), there will be two new brackets, in each case with higher rates to apply:

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