What taxes and fees apply to new commercial construction in Toronto Ontario?
Hello! When it comes to new commercial construction in Toronto, Ontario, there are several taxes and fees that may apply. Some of the common ones include:
1. Development Charges: These are fees imposed by the city to fund the cost of infrastructure and services required due to new development. The charges vary depending on the type and size of the development.
2. Building Permit Fees: These fees are required to obtain a permit for construction work. The cost is usually based on the value of the construction project.
3. Land Transfer Tax: If the property is being purchased, a land transfer tax will apply. The amount is based on the purchase price of the property.
4. Property Tax: Once the construction is completed, property taxes will apply based on the assessed value of the property.
5. Harmonized Sales Tax (HST): HST will apply to the purchase of materials and services for the construction project.
It’s important to consult with a local tax professional or the city’s building department to get a detailed breakdown of all the taxes and fees that may apply to your specific commercial construction project in Toronto. Hope this helps!