Powerhouse prosperity pg 7

January 19, 2005

Building Prosperity

"As long as governments do not tax new homes to such a degree that they are no
longer affordable, the taxes generated from construction of these homes and the
renovation of existing homes will signifciantly support all levels of government."

In 2003, the new home builders and renovation contractors in the GTA paid more than $3.63 billion in taxes to the federal government, through income tax and the goods and services tax plus premiums to the Canada Pension Plan and the Employment Insurance program.

We also paid more than $1.1 billion to the provincial government in provincial income tax and sales tax plus the land transfer tax on new dwellings after refunds were deducted for first time home buyers.

Our industry also contributed significantly to the local and regional governments in the GTA. We paid more than $695 million to these various governments through development charges and building permit fees.

In total last year we paid more than $5.43 billion in taxes to all levels of government not including the property tax revenue we pay to municipalities as businesses or the property tax our new homeowners will pay each and every year in the future. 

New and Renovation Tax Revenues ($5.43 Billion)
  • powerhouse properity pg 7$1.958 billion in income tax
  • $861 million in GST
  • $446 million in PST
  • $882 million in CPP premiums
  • $605 million in development charges
  • $138 million in land transfer tax
  • $481 million in EI premiums
  • $90 million in building permits