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October 22, 2008
Toronto Land Transfer Tax revenues on target
  
The City of Toronto is on track to meet its revenue target from the new Municipal Land Transfer Tax (MLTT).

“Current figures are actually slightly ahead of expectations,” said City Manager Joseph Pennachetti, “which should permit the City to stay on budget in the event of less sales activity in the real estate market for the remainder of the year.”

To date, the City has collected $130 million in revenues. The MLTT, which came into effect on February 1, 2008, was budgeted to provide revenues of $155 million by the end of 2008.

City finance staff report on the progress of the MLTT and the Personal Vehicle Tax (PVT), which was implemented September 1, 2008, through the budget variance reports to Budget Committee. The Third Quarter Variance Report will be considered by the Budget Committee on November 19.

Revenues from the MLTT are projected to increase in future years as City Council approved phase-in provisions during this first year of implementation.

Toronto is Canada’s largest city and sixth largest government, and home to a diverse population of about 2.6 million people. It is the economic engine of Canada and one of the greenest and most creative cities in North America. In the past three years, Toronto has won numerous awards for quality, innovation and efficiency in delivering public services. Toronto’s government is dedicated to prosperity, opportunity and liveability for all its residents.

Media contacts:
Cam Weldon, Deputy City Manager/CFO, 416-392-8773, cweldon@toronto.ca
Cindy Bromley, Finance and Administration Communications Manager, 416-392-4993, cbromley@toronto.ca


 

 

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