Mayor Ford hints phase-out of land transfer tax is at hand
Rob Ford says the first steps in potentially dismantling Toronto's land transfer tax are coming sooner than later.
Just days after saying he wants to slash the tax by 10 percent in the 2014 budget, the mayor hinted that wheels are already in motion.
"We're going to try to get 10 percent of (the land transfer tax) coming up in the next few months, we're going to see if we can start knocking it off, bit by bit," Ford says.
Speaking on Sunday's edition of NEWSTALK 1010's The City, Ford admitted the tax brings 'a lot of revenue' into city coffers but is adamant that it's days are numbered.
"We're the only municipality that has this tax. Its a double-tax and I don't think its fair, I campaigned to get rid of it."
Ford did not say how long he expects it might take to eventually do away with the land transfer tax completely.
The mayor has talked about phasing out the tax since he was elected in 2010 but has not made any headway. He campaigned on abolishing it by the time his term ends in 2014.
Toronto's land transfer tax brought in $336 million dollars last year.
It is tacked on to the cost of purchasing a home, in addition to a provincial land transfer tax.