Banks and Lawyers get a break

Or maybe give me a break!

Feb 26, 2008 04:30 AM
John Spears
city hall bureau

Toronto's biggest office towers are in line for potentially huge property tax reductions leaving other taxpayers to pick up the difference after a decision by an assessment panel.

The stunning decision by the Assessment Review Board also raises the prospect that the towers are owed millions in refunds dating back to 2001, an unexpected expense that lands on the city just as it is trying to pull this year's budget into shape.
While the board's decision doesn't calculate the amount of refunds and tax reductions owed, and an appeal is possible, the amounts in play are staggering:
The successful appeal was launched by the owners of 12 towers in Toronto's biggest office complexes: TD Centre, BCE Place, Commerce Court, First Canadian Place, Scotia Plaza and Royal Bank Plaza.

The combined assessed value of the properties, according to the decision, is more than $5 billion. At the 2007 commercial tax rate of 4.09 per cent, the towers paid combined taxes of more than $200 million last year.
It's tough being a banker or lawyer these days, they need all the assistance they can get

Seriously though, David Miller and his band of idiots running City Hall make me wonder sometimes...
So I guess we can expect a rather large decrease in user fees, it isn't like the banks would divvy up that cash to whoever gets what comes under the heading of 'profits'.
lone wolf
It's really hard to garner sympathy for *ahem* people who make billions and steal millions more....

I suppose that several million dollars being defrauded from Toronto parking authority users through no reduction in parking rates to reflect the lower GST is just too juicy to let the office towers go dormant over a little thing like failed business practices...

Why is it that Canadians accept that businesses that don't manage their affairs well and end up looking at bankuptcy or going out of business...have the right to claim taxes from the people of this country?

If you can't manage a business and go broke....maybe you shouldn't be in that business to begin with...Maybe you should have sharper people making decisions so you can keep within budgets and on-going costs....maybe if your business isn't filling the pockets of the fat cats at the top....who can then whine all the way to Queens Park or Ottawa...the Canadian taxpayer will rescue you from your lousy management...

Baa Baa Baa

Canada's national anthem....
Good stuff.

Its high time banks and lawyers caught a break.
lone wolf
Did you say a brick?


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