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The Jerry Agar Show
Toronto Pays Taxes Too!
Jan 22, 2025
The podcast dives into Toronto's tax woes, highlighting the heavy property taxes and the perceived inequities faced by residents. It raises the question of who truly represents Canada amidst political debates. The discussion takes a turn to mental health, focusing on the challenges youth face in accessing services and the impact of modern parenting. Additionally, it addresses the decline in international students and its effects on college programs, sparking a larger conversation on education and job market alignment.
38:29
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Quick takeaways
- Toronto residents face significant tax burdens, with a net tax contribution of nearly $24 billion exceeding the services received.
- The increasing demand for youth mental health services highlights a critical gap in resource availability, necessitating early intervention and funding.
Deep dives
Property Taxes in Toronto: An Overview
Property owners in Toronto face a significant tax burden, including a second land transfer tax that adds considerable costs to real estate transactions. For a home valued at $1.2 million, buyers incur approximately $36,000 in total land transfer taxes due to both municipal and provincial charges. This layered taxation raises concerns about buyer affordability in one of Canada's most taxed cities. If the municipal land transfer tax were eliminated, property taxes in Toronto would need to increase by 18% to maintain current revenue levels.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode