Now that the Toronto TTC will receive Federal Funding, the provincial Government, that has had its own spending problem, will increase taxes of its own to raise money for subway construction.
Development charges are only permitted to fund 90 per cent of the capital cost of new transit services, Miller noted. But the charges can be used to fund 100 per cent of the cost of other municipal services, including roads.“Transit is not treated fairly,” says Ontario’ s environment commissioner Gord Miller.
Development charges are fees paid by developers in recognition of the fact that new housing and commercial development increases the strain on municipal services.
http://www.thestar.com/business/2013/09/24/development_charges_should_fund_transit_environment_commissioner.html
Toronto City Council is meeting to decide the fate of the additional taxes for the portion they need to Co -Fund the TTC Subway Dig.
The Provincial Development Charges Act requires municipalities to adopt a development charges bylaw every five years, if not sooner, in order to implement its development charges rates. The City's development charges bylaw will expire in early 2014. The review is being conducted in order to adjust the development charges rates to reflect updates to the City's growth related capital expenditure plans, including the recently adopted 2013-2022 Capital Budget & Plan.Executive Committee Meeting – September 24, 2013 http://www.toronto.ca/finance/dev_charges_bylaw_review/2013.htm
So if you are condo shopping and want to secure your purchase you will CAP your Closing Costs confirm the final square footage, ensure all development charges are included in the contract so the Purchaser's are not shocked by the fees to close.
Lets get you started on your way to living debt free.
